Question

Adam is approved for a 25-year 6/1 ARM at 4.35% with a 4/14 cap structure in the amount of $308,400. Assuming Adam is charged the maximum interest rate, what will his monthly payments be at the beginning of the seventh year?

$1,431.85

$1,688.04

$2,080.06

$2,291.86

Answer 1

Do you remember what the answer was? I could really use some help...THANKS!