Multiple Choice
The following problem involves adjustable-rate mortgage. You will need a table of monthly payments.
-Suppose your mortgage is $55,400 for 25 years. The index rate is 7.5% and the margin is 2.5%. Find the initial monthly payment.
A) $503.42
B) $513.42
C) $415.50
D) None of the above is correct.
Correct Answer:
Verified
Correct Answer:
Verified
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