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 interest owed for the first month of the first year.
A. $281.25
B. $274.79
C. $331.25
D. None of the above is correct.
Answer: A
Mathematics
You might also like to view...
Solve the problem.The velocity of a toy airplane in feet per second after t seconds of flight is V= 360 - 36t, where t ? 0. Find each intercept.
A. (0, 360); (10, 0) B. (0, -10); (-360, 0) C. (0, 10); (360, 0) D. (0, -360); (-10, 0)
Mathematics
Provide an appropriate response.Convert 26° 55" to degrees to the nearest ten-thousandth. Then convert to radians to the nearest hundredth.
Fill in the blank(s) with the appropriate word(s).
Mathematics
Divide.(8x5y3 - 10x2y2 - 6x3y) ÷ (-2x2y)
A. -4x3y3 - 5y2 - 3xy B. -4x3y2 + 5y + 3x C. -4x3y2 + 5y + 3xy D. -4x3y2 - 5y - 3x
Mathematics
Perform the division.
A. 28x + 24 - 
B. 7x + 6 - 
C. 7x2 + 6x - 
D. 7x - 7
Mathematics