Charlie and Juana are purchasing a townhouse and finance $94,700 with a 15 year 5/2 ARM at 7.35% with a 2/10 cap structure. what will the payments be at the beginning of the sixth year assuming they are charged the maximum interest rate for that year? (show work)
A = $763.60
B = $677.53
C = $948.44
D = $869.83
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