A 30 year,monthly payment ARM has the following characteristics: loan amount = $135,000,index value = 5.00%,margin = 2.50,discount points = 2,teaser rate = 6%.The payment for year one is:
A) $724.71
B) $793.21
C) $809.39
D) $925.06
E) $943.94
Correct Answer:
Verified
Q1: The longer the adjustment period on an
Q3: The initial monthly payment on an adjustable
Q4: The longer the time between rate adjustments
Q5: With an index rate of 8.5%,a 200
Q6: When there is an increase in the
Q7: Maintaining a certain value of an adjustable
Q8: The alternative mortgage instrument that has the
Q9: A Price Level Adjusted Mortgage (PLAM)
A) does
Q10: With a Reverse Annuity Mortgage:
A) the borrower
Q11: A reason not to refinance a loan
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