What is new payment on a twenty five-year monthly payment, Finance Basics

What is new payment on a twenty five-year monthly payment

Problem

What is the new payment on a 25-year, monthly payment, adjustable-rate mortgage after five years if the interest rate changes from 9.75% to 8.75%. The original amount of the loan was $125,000, the original term was 25 years, and there are 20 years left on the mortgage.

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Finance Basics: What is new payment on a twenty five-year monthly payment

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Finance Basics: What is new payment on a twenty five-year monthly payment

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