5. Marcos obtains a mortgage for $350,000 with the following terms:
30 year 4/1 ARM at 5.5% with a 2/6 cap structure
• Initial monthly payment: $1,987.26
What will be the balance of the loan at the end of the initial interest rate period?
$329,484.18
$254,611.45
$323,612.11
$320,806.22
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