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2. ARM: First year rate = 4.1%; 1% periodic cap; 6% overall cap; 30-yr. amortization; margin = 2%; loan = $74,000; index at end of
2. ARM: First year rate = 4.1%; 1% periodic cap; 6% overall cap; 30-yr. amortization; margin = 2%; loan = $74,000; index at end of year 1 = 4.6%; end of year 2 = 4.0%. Find: PMT in years 1, 2, and 3
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Financial Reporting and Analysis
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
7th edition
1259722651, 978-1259722653
