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Aimee and Ben are purchasing a condominium and are financing $415,500. The mortgage is a 20-year 3/1 ARM at 2.75% with a cap structure of 1.5/8. What will their payments be for the first 3 years?

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 Bart and April are purchasing a house with a 15-year, 2/1 ARM for $315,000 at 5.85% with a 2/8 cap structure. What will the difference in payments be from year 2 to year 3? 

$333.68 

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