PLEASE HELP ASAP!!!!!!!!!
Marcie has a 30 year adjustable rate mortgage with a fixed rate for the first 5 years. In the 6th year, the interest rate rises to 4.9%. The remaining balance at the end of the 5th year is $317,783.30. What is the monthly payment in the 6th year?
A. $1686.56
B. $1059.26
C. $1878.56
D. $1839.26
A mortgage has the terms shown below
Balloon Mortgage
$400,000
20/6 balloon
8% annual rate
Initial Monthly Payment: $3345.76
What is the amount of the balloon payment rounded to the nearest dollar?
A. $377,803
B. $339,756
C. $337,506
D. $159,105
A bank is advertising the following mortgage
Balloon Mortgage
$245,000
20/4 balloon
5.8% annual rate
Monthly Payment: $1727.11
Balloon Payment: $216,789.79
What is the total cost of this balloon mortgage?
A. $414,506.