Business, 25.06.2019 22:50 lisamiller
Aborrower is considering three competing mortgage loan offers from her bank. the amount borrowed on the mortgage is $100,000 with monthly compounding. mortgage type stated annual interest rate at initiation of the loan year in which rate first adjusts 30-year fixed rate 5.000% n/a 20-year fixed rate 4.385% n/a 30-year adjustable-rate mortgage (arm) 3.750% 3 the rate on the arm resets at the end of year 3. assuming the arm is permanently reset at 5.500% (i. e., the remaining balance on the loan is assumed to be repaid with a 5.500% stated annual interest), which of the three loans will have the smallest monthly payment after the rate reset at the end of year 3?
Answers: 2
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Aborrower is considering three competing mortgage loan offers from her bank. the amount borrowed on...
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