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14 October, 04:24

Charlie and Juana are purchasing a townhouse and finance $94,700 with a 15 year 5/2 ARM at 7.35% with a 2/10 cap structure. what will the payments be at the beginning of the sixth year assuming they are charged the maximum interest rate for that year? (show work)

A = $763.60

B = $677.53

C = $948.44

D = $869.83

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Answers (1)
  1. 14 October, 06:36
    0
    Did you ever get this answer I'm trying to figure it out and in struggling on this exam
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