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Assume a $300,000 5/1 ARM has an initial coupon of 2.20% with monthly payments based upon...

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

$1,345.00

$1,395.00

$1,315.00

$1,375.00

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