Helpp ?

Fiona is purchasing a condominium and is financing $305,000 with a 30-year 5/1 ARM at 4.65% with a 1/12 cap structure. What will her payments be at the beginning of year 6?

$1436.86

$1572.69

$1608.51

$1736.26
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What formula do I use ?

Question

Helpp ?

Fiona is purchasing a condominium and is financing $305,000 with a 30-year 5/1 ARM at 4.65% with a 1/12 cap structure. What will her payments be at the beginning of year 6?

 $1436.86

 $1572.69

 $1608.51

 $1736.26
----------
What formula do I use  ?

anonymous · Answer

This one -M=305000[((i)(1+i)^(n*t))/((1+i)^(n*t)-(1))]

OR

This one - B=B[((1+i)^(n*t)-(1+i)^(m))/((1+i)^(n*t)-(1))