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 second year.
A. $365.45
B. $403.42
C. $459.16
D. None of the above is correct.
Answer: C
Mathematics
You might also like to view...
Provide an appropriate response.Does the spiral r = e-?, 0 ? ? < +?, have finite length? If yes, give its length. If no, explain why not.
What will be an ideal response?
Mathematics
Plot the given point in the rectangular coordinate system.W(-0.5, 0)
A. 
B. 
C. 
D. 
Mathematics
Solve the equation. Give an exact solution.log5 x = -3
A. -15
B. 
C. 2
D. 
Mathematics
Solve the problem. Round all circumference and area calculations to the nearest whole number.If asphalt pavement costs $0.90 per square foot, find the cost to pave the circular road (indicated by dots) in the figure shown.
A. $113.10 B. $5654.87 C. $10,142.76 D. $4523.89
Mathematics