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An interest-only ARM is made for $89,000 for 30 years. The start rate is 7.5-percent and the borrower will make monthly interest-only payments for three years. What will the payments be?

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Answer:

his Interest-Only Mortgage Calculator will show you what your payments will be during ... during the Great Recession, interest-only mortgages are making a comeback. For some borrowers, an interest-only mortgage can offer an attractive way to ... 30 years with the first 10 years interest-free.

Explanation:

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