You have a choice between a 30-year fixed rate loan at 4.5%…
You have a choice between a 30-year fixed rate loan at 4.5% and an ARM with a first-year rate of 2%. The ARM rate rises to 6.5% at the start of the third year. Neglecting compounding and changes in principal, estimate your monthly savings with the ARM during the first year on a $150,000 loan.
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