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Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
النسخة 7الرقم المعياري الدولي: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
النسخة 7الرقم المعياري الدولي: 978-1285448596 تمرين 39
As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI, using Table 14-1 and the monthly PITI for the following mortgages.
Joe and Gloria Moutran are purchasing a house in Winter Springs financed with an adjustablerate mortgage. The lender's margin on the loan is 2.75%, and the overall rate cap is 6.2% over the life of the loan. The current index rate is 5.8%.
a. What is the calculated interest rate of the ARM?
b. What is the maximum overall ARM rate of the loan?
Joe and Gloria Moutran are purchasing a house in Winter Springs financed with an adjustablerate mortgage. The lender's margin on the loan is 2.75%, and the overall rate cap is 6.2% over the life of the loan. The current index rate is 5.8%.
a. What is the calculated interest rate of the ARM?
b. What is the maximum overall ARM rate of the loan?
التوضيح
موثّق
موثّق
Consider the lender's margin on the loan...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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