Question

Help Please!

A bank offers three mortgages shown. Which mortgage(s) will have fixed payments for at least the first 6 years?

Fixed rate mortgage at 5% for 15 years
Adjustable rate mortgage at 3% for 15 years with terms 6/2 and a cap of 2/4
Balloon mortgage at 4% with terms 15/4

Answer Choices:

A. Fixed rate only

B. Fixed rate and balloon only

C. Fixed rate and adjustable rate only

D. Fixed rate, adjustable rate, and balloon

Answer 1

c

Answer 2

How did you get that answer? Please respond this time. (: @tacoman1222334

Answer 3

@satellite73 Do you think you might be able to help?

Answer 4

@jdoe0001 Do you know this stuff?

Answer 5

@Mertsj Can you please help?

Answer 6

What does it mean when it says "balloon mortgage at 4% with terms 15/4"? What does the 15/4 mean?

Answer 7

I guess you don't know either.

Answer 8

Perhaps if you would look that up, you would know the answer to the question.

Answer 9

Okay, sorry. I had to step away from the computer

Answer 10

Thanks anyways @Mertsj