Aimee and Ben are purchasing a condominium and are financing $610,000. The mortgage is a 20-year 3/1 ARM at 4.15% with a cap structure of 1.5/10. What will their payments be for the first 3 years?

$4,247.96

$2,805.36

$2,965.23

$3,744.87

Question

Aimee and Ben are purchasing a condominium and are financing $610,000. The mortgage is a 20-year 3/1 ARM at 4.15% with a cap structure of 1.5/10. What will their payments be for the first 3 years?

 $4,247.96

 $2,805.36

 $2,965.23

 $3,744.87

anonymous · Answer

@ganeshie8

ganeshie8 · Answer

@amistre64

amistre64 · Answer

lol, @Cjones .. to take it full circle :)

anonymous · Answer

Lol

amistre64 · Answer

its the same calculation for a fixed rate mortaage payment of the same information.  An ARM and Fixed are identical for the initial period of the ARM,   the adjusting comes afterwards

amistre64 · Answer

you most likely have a formula for payments laying about someplace

anonymous · Answer

i have a formula for minimum monthly payments

amistre64 · Answer

i tend to develop my own formula ...

amistre64 · Answer

the first 3 years maybe asking for the 36 monthly payments entotal

amistre64 · Answer

nah, just the monthly payment as all they are asking for

anonymous · Answer

the minimum monthly payment formula is p=i(1+i)6n(t) over (1+i)^n(t)-1

anonymous · Answer

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