Question
Suppose you have a 5/1 ARM with a 5-year teaser rate of 3%, a 30 year loan of $400,000, and a 2% per year cap.
Suppose you have a 5/1 ARM with a 5-year teaser rate of 3%, a 30 year loan of $400,000, and a 2% per year cap. The loan is fully amortizing. The LIBOR is 2% and used as index. The margin is 3%. After 5 years, the LIBOR rises to 4%. Calculate the monthly mortgage payment in at the beginning of year 6.
The answer is 2513.49!!! just need help with the work
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Wealth Mastery Unveiled By Marcus M Dawson A Millennial S Guide To Financial Freedom And Success
Authors: Marcus M. Dawson
1st Edition
979-8865054313
