What did I do wrong in this finance question?
Janie obtains a 30-year 5/2 ARM at 3% with a 3/7 cap structure in the amount of 164,500. What is the monthly payment during the initial period?
M=Bm[(i(1+i)^nt)/(1+i)^nt-1]
M=164,500[(.0025(1+.0025)^60)/(1+.0025)^60-1]
M=164,500[(.0025(1.0025)^60)/(1.0025)^60-1]
M=164,500[(.0025(1.16)/(1.16)-1]
M=164,500[(.0029)/(1.16)-1]
M=164,500[-0.9975]
M=164,088.75

Question

What did I do wrong in this finance question?
Janie obtains a 30-year 5/2 ARM at 3% with a 3/7 cap structure in the amount of 164,500. What is the monthly payment during the initial period?
M=Bm[(i(1+i)^nt)/(1+i)^nt-1]
M=164,500[(.0025(1+.0025)^60)/(1+.0025)^60-1]
M=164,500[(.0025(1.0025)^60)/(1.0025)^60-1]
M=164,500[(.0025(1.16)/(1.16)-1]
M=164,500[(.0029)/(1.16)-1]
M=164,500[-0.9975]
M=164,088.75

anonymous · Answer

Thats me working out the problem and these are the answer choices,
A: 456.94
B: 693.54
C: 780.08
D: 883.07

anonymous · Answer

Look this question belongs in the math section. I will  help you there kay?

anonymous · Answer

:)

anonymous · Answer

Sorry lol new to the website!