Alex took out a 7/1 variable-rate mortgage for $140,000. The interest rate for
the first...
Mathematics, 27.02.2020 03:33 makoa
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?
Answers: 3
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