Please help!!
Kathy and Jake are purchasing a house and are financing $465,000. The mortgage is a 20-year 5/1 ARM at 3.5% with a 2/7 cap structure. What will the remaining balance be after the first 5 years?

Question

Please help!!
Kathy and Jake are purchasing a house and are financing $465,000. The mortgage is a 20-year 5/1 ARM at 3.5% with a 2/7 cap structure. What will the remaining balance be after the first 5 years?

amistre64 · Answer

its the same balance as if this was just a fixed 20 year mortgage at 3.5%

amistre64 · Answer

attachment

anonymous · Answer

I don't understand these are the answer choices.
$396,038.65
$427,354.28
$407,836.29
$377,238.57

amistre64 · Answer

what dont you understand about the file i attached?

anonymous · Answer

So it's D?