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You have obtained a 30-year adjustable rate mortgage at 374

Question: You have obtained a 30-year adjustable rate mortgage at 3.74% with a principal of $864,125. The adjustment period is 4/2 with a cap structure of 2/8. What is the remaining balance after the initial interest rate period? Round answer to the nearest cent. The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

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Finance Basics: You have obtained a 30-year adjustable rate mortgage at 374

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