Charlie and Juana are purchasing a townhouse and finance $94,700 with a 15-year 5/2 ARM at 7.35% with a 2/10 cap structure. What will their payments be at the beginning of the sixth year assuming they are charged the maximum interest rate for that year?

$763.60

$677.53

$948.44

$869.83

Question

Charlie and Juana are purchasing a townhouse and finance $94,700 with a 15-year 5/2 ARM at 7.35% with a 2/10 cap structure. What will their payments be at the beginning of the sixth year assuming they are charged the maximum interest rate for that year?

 $763.60

 $677.53

 $948.44

 $869.83

raden · Answer

sorry, im lost for this case --"

anonymous · Answer

nope sorry it is far from my understanding