Question

15. Given the following information, calculate the interest only payment onthis commercial loan. 5/1 I/O ARM, Loan amount: $2,984,000, Interest rate:4.5%, Term: 30 years. First year, annual and lifetime cap:

5%. Index:IIDO D A. $15,119 B. $11,290 C. $11,190 D. $15,190

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