TheJag18:
(Mortgage Loans LC) A bank offers three mortgages shown: Option 1: Balloon mortgage at 5% with terms 30/5 Option 2: Fixed rate mortgage at 3% for 30 years Option 3: Adjustable rate mortgage at 4% for 15 years with terms 3/1 and a cap of 2/8 Which mortgage(s) will have fixed payments for at least the first 4 years? Fixed rate only Fixed rate and balloon only Fixed rate and adjustable rate only Fixed rate, adjustable rate, and balloon
Phantomdex:
The mortgage that will have fixed payments for at least the first 6 years is A. Fixed rate and adjustable rate only
Phantomdex:
It wouldn't make sense for it to be D seeing as you don't usually have all three.
Phantomdex:
C doesn't seem possible because if it's a fixed rate, how can it also be adjustable?
Phantomdex:
B is more likely but doesn't work for this one.
TheJag18:
alright :)
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