An Adjustable Rate Mortgage The Pourans purchased
a new home for $378,000 with a down payment...
Mathematics, 18.02.2020 04:59 dolltan
An Adjustable Rate Mortgage The Pourans purchased
a new home for $378,000 with a down payment of $127,000. They obtained a 10-year adjustable rate mort- gage with the following terms. The interest rate is based on the one-year Treasury bill rate, which is currently at 2.5%, and the add-on rate, which is 3.5%. The initial rate period is 5 years, and thereafter the interest rate is adjusted once a year and a new monthly mortgage payment is calculated.
a) Determine the Pourans’ initial ARM rate.
b) Determine the Pourans’ initial monthly payment for
principal and interest.
Answers: 2
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Martha has a deck of cards. she has lost some of the cards, and now the deck only contains nine spades, eleven diamonds, eight clubs, and twelve hearts. martha predicts that whenever she draws a card from the deck without looking, she will draw a club one-fifth of the time. which activity would best allow martha to test her prediction? a. randomly draw a card from the box and see if it is a club. b. randomly draw a card. then, continue to draw another card until all eight clubs are drawn. c. randomly draw and replace a card 120 times. then, observe how close to 30 times a club is drawn. d. randomly draw and replace a card 100 times. then, observe how close to 20 times a club is drawn.
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