Marcie has a 30 year adjustable rate mortgage with a fixed rate for the first 5 years. In the 6th year, the interest rate rises to 4.9%. The remaining balance at the end of the 5th years is $317,783.30. What is the monthly payment in the 6th year?

Question

Angle · Answer

Ok, so I didn't actually know how to do this problem. but it's ok - google know all :)

30 years minus 5 years = 25 years left on this mortgage.

interest rate = 4.9%

principal amount = 317783.30

Angle · Answer

let me just find the right formula though

Angle · Answer

maybe this one will work https://www.calculator.net/loan-calculator.html?cloanamount=317783.30&cloanterm=25&cloantermmonth=0&cinterestrate=4.9&ccompound=monthly&cpayback=month&x=81&y=20#amortized-result

Angle · Answer

@biancajhernan if you come back and see this ^ you should be able to get your answer now

sorry that it took so long

supie · Answer

Asked & Answered here.

YECR · Answer

Do you still need help? Or do you got it?