Question

Adjustable Rate Mortgage: 3% with terms 5/1 with a 2/6 cap for 30 years
(Assume the interest rate increases by 1.25% after the initial period and every 10 years thereafter.)
Year Monthly Payment # of Payments Total Cost for Each Period
1-5 969.06 60 58,143.60
6-15 1130.72 60 67,843.20
16-25 1305.06 60 78303.60
26-30 60
Total


I don't know what to fill out from here.. anyone help please?

Answer 1

for the 26-30 years