Alex took out a 7/1 variable-rate mortgage for $140,000. the interest rate for
the first perio...
Social Studies, 03.12.2019 18:31 adamske0
Alex took out a 7/1 variable-rate mortgage for $140,000. the interest rate for
the first period was fixed at 5.25%, and the loan was amortized over 30 years.
at the end of the initial loan period, the interest rate was 6.75%, plus a 1.5%
margin. what was alex's monthly mortgage payment during the initial fixed-
rate period?
a. $809.54
b. $739.09
c. $805.34
d. $773.09
Answers: 1
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