The following problem involves adjustable-rate mortgage. You the given table if necessary.
Harry has a 1-year ARM for $75,000 over a 25-year term. The margin is 2%, and the index rate starts out at 2.5% and increases to 3.5% at the first adjustment. The balance of principal at the end of the first year is $73,338.52. Find the amount of monthly payment for the first month of the first year.
A. $388.14
B. $489.42
C. $416.87
D. None of the above is correct.
Answer: C
Mathematics
You might also like to view...
Decide whether the statement translates into an expression or an equation.7 times a number is 35.
A. Expression B. Equation
Mathematics
Write the expression in the standard form a + bi.(8 + 3i)(8 - 3i)
A. 64 - 9i2 B. 64 - 9i C. 73 D. 55
Mathematics
A system of nonlinear equations is given. Sketch the graph of the equation of the system and then determine the number of real solutions to the system. Do not solve the system.x2 + y2 = 36xy = 1
A. Four
B. Two
C. Four
D. Two
Mathematics
Find the graph that matches the given system of equations.2x - y = 4
A. 
B. 
C. 
D. 
Mathematics