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Consider a 4-year, adjustable rate mortgage with an original balance of 22,000 and an initial...

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Accounting

Consider a 4-year, adjustable rate mortgage with an original balance of 22,000 and an initial interest rate of 3.5%. Suppose right after the month 6 payment has been made, the interest rate goes up by 0.7%. What is the new monthly payment in the following month?

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