Emina took out a 5/1 variable-rate mortgage for $120,000. 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 emina's monthly mortgage payment during the initial fixed-rate period? show your work.

662.64

Step-by-step explanation:

i got it wrong on apex and it told me the right answer. you're welcome.

answer: the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

step-by-step explanation:

the given rate of interest i= 85%

in calculating the monthly payment for a loan with an interest rate compounded monthly, the value of the interest rate per period we use in the formula must be in decimal form.

to convert it in decimal, we divide it by 100, we get

hence, the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

this linear equation would have just one solution.

step-by-step explanation:

the reason why this would have one solution is that it is an expression with just one variable. since that variable is not raised to a power, it will always have just one solution.