Financial Algebra HELP!?
15 year 6/1 ARM at 5% with a 2/6 cap structure
What are the maximum interest rates for the 7th year and for the life of the mortgage?
a. 7th year: 6%; Lifetime: 6%
b. 7th year: 6%; Lifetime: 11%
c. 7th year: 7%; Lifetime: 11%
d.7th year: 7%; Lifetime: 6%
Meghan has a 15-year adjustable rate mortgage with a rate of 5.4% for the first 5 years. The monthly payment is $2,394.77. The amount of the mortgage is $295,000. What is the remaining balance after 5 years rounded to the nearest dollar?
A $900,000 balloon mortgage has terms of 25/7 with a 4% interest rate. What is the monthly payment rounded to the nearest dollar?
Edith obtains a $2,250,000 balloon mortgage for an investment property. The mortgage has terms of 20/4 at an interest rate of 4.5%. The monthly payment is $14,234.61. How much is the remaining balance after 4 years rounded to the nearest dollar?
The bank offers Mario a fixed rate loan with no points and a fixed rate loan with points. The difference in monthly payments between the loan with points and the loan without points is $37.18. The cost of the points is $2,600. What number is closest to the break-even point rounded to the nearest month?
Drew is purchasing a home for $452,000. He makes a 20% down payment and obtains a 30-year fixed rate mortgage loan at 6% annual interest. His monthly payments are $2,167.98. He pays an intangible tax of 0.2%. Which of the following is the total cost of principal, interest, down payment, and intangible tax?
Please help me answer and understand how to do these problems!!!!!