Question
A 30-year, $100,000 adjustable-rate mortgage starts out with the rate of 6.5% and monthly mortgage payments of $632.07. The borrower makes only the required payments
A 30-year, $100,000 adjustable-rate mortgage starts out with the rate of 6.5% and monthly mortgage payments of $632.07. The borrower makes only the required payments in the first three years and has a loan balance of $96,418 after three years. If after three years the rate resets to 9%, what is the new required payment?
- A. $794
- B. $781
- C. $776
- D. $732
- E. $632
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Private Equity Mathematics
Authors: Oliver Gottschalg
1st Edition
1908783508, 9781908783509
