Alex took out a 7/1 variable-rate mortgage for $140,000. The interest rate for the first period was fixed at 5.25%, and the loan

Question

3 years ago

9

Alex took out a 7/1 variable-rate mortgage for $140,000. The interest rate for the first period was fixed at 5.25%, and the loan

was amortized over 30 years. At the end of the initial loan period, the interest rate was 6.75%, plus a 1.5% margin. What was Alex's monthly mortgage payment during the initial fixed-rate period?

Mathematics

2 answers:

Lilit [14] · Answer 1 · 2021-11-29T13:38:17+03:00

Lilit [14]3 years ago

6 0

Answer:

$773.09

Step-by-step explanation:

Ap ex

Volgvan · Answer 2 · 2021-11-29T15:17:50+03:00

Volgvan3 years ago

4 0

Answer:

$123,740.97

Step-by-step explanation:

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