Alex took out a 7/1 variable-rate mortgage for $140,000. the interest rate for
the first...
Mathematics, 29.10.2019 04:31 avision42
Alex took out a 7/1 variable-rate mortgage for $140,000. 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 will the unpaid balance on his mortgage be after his initial
period expires?
a. $123,740.97
b. $126,805.34
c. $123,739.09
d. $122,773.09
Answers: 3
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