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Morgan is buying a house for $314,000. She is financing $275,500 and obtained a 25-year, fixed-rate mortgage with a 5.875% interest rate. How much are her monthly payments?

$24,272.20

$21,296.15

$1,999.18

$1,754.06

Chris and Justine are purchasing a townhouse and finance $112,900 with a 25-year 6/3 ARM at 4.85% with a 2/12 cap structure. What will their payments be at the beginning of the seventh year assuming they are charged the maximum interest rate for that year?

$759.70

$557.09

$674.48

$650.17

Karen is financing $291,875 to purchase a house. She obtained a 15/5 balloon mortgage at 5.35%. What will her balloon payment be?

$220,089.34

$219,112.46

$246,181.39

$230,834.98