a 30-year mortgage in the amount of $625,000 for a co-op. She secures a 7/1 ARM at an initial interest rate of 3%. Her initial monthly payment is $2,635.03. After 7 years, the interest rate on her loan changes to 4.725%. Calculate her new monthly payment in year 8 of the loan.

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 61P
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Remy obtains a 30-year mortgage in the amount of $625,000 for a co-op. She secures a 7/1 ARM at an initial interest rate of 3%. Her initial monthly payment is $2,635.03. After 7 years, the interest rate on her loan changes to 4.725%. Calculate her new monthly payment in year 8 of the loan. (Round your answer to the nearest cent.) 

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