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ziro4ka [17]
3 years ago
5

Janie obtains a 30-year 5/2 ARM at 3% with a 3/7 cap structure in the amount of $164,500. What is the monthly payment during the

initial period?
$456.94

$693.54

$780.08

$883.07
Business
1 answer:
Fiesta28 [93]3 years ago
5 0
During the initial period, the interest is 3% and it will not change until the second year and it can only be changed 5 times until it reached 7%. But for a 3% interest rate and an amount of $164,500, the monthly payment is
$164,500 (0.03)(1 + 0.03)^30 / ((1 + 0.03)^30 - 1) = <span>$883.07</span>
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Answer:

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3 years ago
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But we don't know what 3P is related to, it would've been easy to make substitutions and obtain the required solution.

3 0
4 years ago
Which of the following is NOT a step in the strategic planning process?A) defining the company missionB) setting company objecti
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Read more about Flowchart:

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