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18 May, 14:10

Stefani is purchasing a house and finances $410,350 of the purchasing price. The mortgage is a 30 year 7/3 ARM at 6.5% with a 4/13 cap structure. What will the remaining balance be after the first seven years? (show work)

A = $371,023.06

B = $217,870.06

C = $357,112.36

D = $192,479.94

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  1. 18 May, 17:13
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    I used an online mortgage calculator.

    Inputted the following information:

    Loan amount: 410,350

    loan rate: 6.5%

    loan term: 30 years

    It gave me the following results:

    monthly payment: 2,593.69

    annual payment: 31,124.29

    31,124.29 * 7 years = 217,870.03 total payment after 7 years.

    Based on the Yearly Amortization Table, the remaining balance after the first seven years is $373,327.70

    The figure is nearest to Choice A. 371, 023.06
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