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kiruha [24]
3 years ago
10

Jacey obtains a 30-year 6/2 ARM at 4% with a 2/6 cap structure in the amount of $224,500. What is the monthly payment during the

initial period?
Mathematics
2 answers:
Juli2301 [7.4K]3 years ago
3 0

General Idea:

We need to make use of the below formula to find the monthly payment..

Monthly \; Payment\; =\; \frac{P \times \frac{r}{12}}{(1-(1+\frac{r}{12})^{-m})}   \\ \\ Where:\\ P\; is\; Principal\\ r\; is\; rate\; in\; decimal\; form\\ m\; is\; number\; of\; monthly\; payments

Applying the concept:

Given:

P=\$224,500\\ r=4\%=0.04\\ m=30\; year \times 12 \; months/year=360\\

Substituting the given in the formula we will get the monthly payment.

Monthly\; Payment\; =\; \frac{224500 \times \frac{0.04}{12}}{(1-(1+\frac{0.04}{12})^{-360})}   =\frac{\frac{8980}{12}}{(1-0.301796)}  =\frac{748.3333}{0.698204} \\ \\ Monthly \; Payment= \$1071.7975

Conclusion:

The monthly payment during the initial period is <u>$1072</u>.

denis-greek [22]3 years ago
3 0
The answer is $1,071.80.
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Step-by-step explanation:

<u>a) Using integration with respect to x </u>

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