Ask Question
23 April, 18:54

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

+4
Answers (1)
  1. 23 April, 21:28
    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) = $883.07
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “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 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers