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Vernon has obtained a $105,000, 5/1 30-year ARM at 5%. During the first 3 years, he has an option of paying interest only. If he accepts this offer, what would be his initial payment?
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Vernon has obtained a $105,000, 5/1 30-year ARM at 5%. During the first 3 years, he has an option of paying interest only. If he accepts this offer, what would be his initial payment?

User Stars
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5 votes

Answer: 437.50

Explanation:

User Emil C
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7 votes
The answer is $437.50. (APEX)
User Gerry Shaw
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