12.
Assume a $300,000 5/1 ARM has an initial coupon of 2.20% with monthly payments based upon a fully amortizing, 30-year loan? What is the new payment assuming the new rate in month 61 is 3.50%?
Group of answer choices
$1,395.00
$1,345.00
$1,375.00
$1,315.00
Please refer to below spreadsheet for calculation and answer. Cell reference also provided.
Cell reference -
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