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Fenetre135

  • 3 years ago

Kathy and Jake are purchasing a house and are financing $465,000. The mortgage is a 20-year 5/1 ARM at 3.5% with a 2/7 cap structure. What will the remaining balance be after the first 5 years? $396,038.65 $427,354.28 $407,836.29 $377,238.57

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  1. SerikMB
    • 3 years ago
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    what's the formula?

  2. Fenetre135
    • 3 years ago
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    I think it's this

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  3. SerikMB
    • 3 years ago
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    can you tell what each letter mean?

  4. Fenetre135
    • 3 years ago
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    I don't know I mean...I tried the formula but it didn't work.

  5. SerikMB
    • 3 years ago
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    have you any model answers for similar question, i'm not familiar with financail applications

  6. SerikMB
    • 3 years ago
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    what's B, Bm, i, nt and m there?

  7. Fenetre135
    • 3 years ago
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    nevermind I figured it out. I'm sorry XD

  8. SerikMB
    • 3 years ago
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    xD

  9. TheBonc
    • 3 years ago
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    what answer did you get, fenetre?

  10. TheBonc
    • 3 years ago
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    I now know that it isn't $396,038.65

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