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Help?? I have to fill out this table and I dont know how to go about doing that. 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.) I have to find the Monthly Payment, the # of Payments, and the Total Cost for Each Period for these years. 1-5 6-15 16-25 26-30 And then the Total.
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Im doing a project for school where i have to research a house/apartment/condo and find one that im interested in "buying". The asking price of the apartment i found is $1,149,000 and the mortgage is $4,279/month.
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