Multiple Choice
The following problem involves adjustable-rate mortgage. You will need a table of monthly payments.
-Suppose your mortgage is $75,000 for 20 years. The index rate is 6.5% and the margin is 2.5%. After two years, the Treasury index increases to 8%. Using the adjusted balance of $73,595.52, find the
New monthly payment.
A) $674.79
B) $759.67
C) $749.67
D) None of the above is correct.
Correct Answer:
Verified
Correct Answer:
Verified
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