Macy has a 20 year adjustable rate mortgage with a fixed rate for the first 7 years. In the 8th year, the interest rate rises to 6.2%. The remaining balance at the end of the 7th years is $398,381.20. What is the monthly payment in the 8th year?
+3
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Macy has a 20 year adjustable rate mortgage with a fixed rate for the first 7 years. In the 8th year, the interest rate rises to 6.2%. The ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Home » Mathematics » Macy has a 20 year adjustable rate mortgage with a fixed rate for the first 7 years. In the 8th year, the interest rate rises to 6.2%. The remaining balance at the end of the 7th years is $398,381.20. What is the monthly payment in the 8th year?