Fenetre135
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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SerikMB
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what's the formula?
Fenetre135
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I think it's this
SerikMB
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can you tell what each letter mean?
Fenetre135
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I don't know I mean...I tried the formula but it didn't work.
SerikMB
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have you any model answers for similar question, i'm not familiar with financail applications
SerikMB
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what's B, Bm, i, nt and m there?
Fenetre135
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nevermind I figured it out. I'm sorry XD
SerikMB
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xD
TheBonc
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what answer did you get, fenetre?
TheBonc
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I now know that it isn't $396,038.65