Mark obtains a mortgage for $250,000 with the following terms:
15 year 5/1 ARM at 6.5% with a 3/7 cap structure
Initial Monthly Payment: $2,177.77
What will be the balance of the loan at the end of the initial interest rate period?

Question

Mark obtains a mortgage for $250,000 with the following terms: 
15 year 5/1 ARM at 6.5% with a 3/7 cap structure
Initial Monthly Payment: $2,177.77
What will be the balance of the loan at the end of the initial interest rate period?

anonymous · Answer

this is the formula 
B = L[(1 + c/12)^n - (1 + c/12)^p]/[(1 + c/12)^n - 1]

anonymous · Answer

It won't let me type that into a calculator.

anonymous · Answer

ugghhhhh what was the answer?