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 second year.
A. $431.25
B. $314.79
C. $336.13
D. None of the above is correct.
Answer: C
You might also like to view...
Solve the problem.June made an initial deposit of $5000 in an account for her son. Assuming an interest rate of 10% compounded quarterly, how much will the account be worth in 19 years? Round to the nearest cent.
A. $31,861.04 B. $32,657.56 C. $13,097.87 D. $31,927.39
Solve the problem.If an object weighs m pounds at sea level, then its weight W (in pounds) at a height of h miles above sea level is given approximately by W(h) = m 
2. How much will a man who weighs 165 pounds at sea level weigh on the top of a mountain which is 14,494 feet above sea level? Round to the nearest hundredth of a pound, if necessary.
A. 165.23 pounds B. 165 pounds C. 7.72 pounds D. 164.77 pounds
Solve the inequality. Express your answer using interval notation.
> 9
A. (-?, - 
) or (2, ?)
B. (-?, - 
) or (
, ?)
C. (- 
, ?) or (2, ?)
D. (- 
, 2)
List the elements of the set.The set of all multiples of 3
A. {0, 3, 6, 9, 12, . . .} B. {. . . , -12, -9, -6, -3, 3, 6, 9, 12, . . .} C. {3, 6, 9, 12, . . .} D. {. . . , -12, -9, -6, -3, 0, 3, 6, 9, 12, . . .}