A community for students.
Here's the question you clicked on:
 0 viewing
anonymous
 one year ago
1. Stefani is purchasing a house and finances $410,350 of the purchase price. The mortgage is a 30year 7/3 ARM at 6.5% with a 4/13 cap structure. What will the remaining balance be after the first seven years?
Answer: $217,870.06
anonymous
 one year ago
1. Stefani is purchasing a house and finances $410,350 of the purchase price. The mortgage is a 30year 7/3 ARM at 6.5% with a 4/13 cap structure. What will the remaining balance be after the first seven years? Answer: $217,870.06

This Question is Closed

anonymous
 one year ago
Best ResponseYou've already chosen the best response.02. Maggie is financing $219,400 to purchase a home. How much money will she save over the life of a 15year, fixed rate loan by buying 2 points with a rate of 5.83 instead of not buying points with the rate of 6.28%? Round to the nearest dollar. Answer: $9,620

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Can someone check these for me

mathmate
 one year ago
Best ResponseYou've already chosen the best response.0@xstreetprowl 1. It would be surprising to see that in a 30 year mortgage, more than half is paid after 7 years. You may not have used the right formula. What was the yearly payment? If A=amount of mortgage (410350) P=monthly payment R=1+annual rate (1.065) n=number of years (periods) then using \(\Large AR^n=\frac{P(R^n1)}{R1}\) from which you can solve for the payment P

mathmate
 one year ago
Best ResponseYou've already chosen the best response.0n=30 (years) to solve for P (yearly payment) The lefthand side shows what is owing, and the right hand side what has been paid. They are equal at n=30 (paid off). At n<30, say 7 years, the difference (left  right) is the balance owing.
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.