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You have taken out a $150,000, 5/1 ARM. The initial rate is 2%. The interest rate...

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Finance

  1. You have taken out a $150,000, 5/1 ARM. The initial rate is 2%.The interest rate after the initial lock period is 4%. The term onthis 5/1 ARM is 30 years. What is the total amount of interest paidduring the initial lock period?

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You have taken out a $150,000, 5/1 ARM. The initial rate is 2%.The interest rate after the initial lock period is 4%. The term onthis 5/1 ARM is 30 years. What is the total amount of interest paidduring the initial lock period?

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