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[See Steps] Consider that you were one of the individuals who obtained an adjustable rate mortgage (ARM) for $300,000 three years ago with a teaser rate of

Question: Consider that you were one of the individuals who obtained an adjustable rate mortgage (ARM) for $300,000 three years ago with a teaser rate of 2% for the first three years. The initial term of the mortgage was 30 years. Here we are at the end of 2011 and your loan will reprice to a rate of 4.%. What would your new monthly payment be now?

  1. What would your original monthly payment be?
  2. What would be the principal balance remaining at the end of 2011?
  3. What would be the new monthly payment after the repricing?

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