Statistics > TEST BANKS > Florida Virtual High School - MATH 1204.02 Mortgage Adjustable Rate (All)
Florida Virtual High School - MATH 1204.02 Mortgage Adjustable Rate
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Item: 04.02 Mortgage Adjustable Rate Score: 100% (Calculated) Class Statistics Submission History Submitted: Wednesday, April 13, 2016 7:01 AM Answers: 1. A bank advertises a 2/1 ARM at 3.25% wi ... th a 2/10 cap. What is the maximum interest rate that can be charged during the fifth year? (3 points) 2% 3.25% 9.25% 10% Score: 3 of 3 2. Aimee and Ben are purchasing a condominium and are financing $415,500. The mortgage is a 20-year 3/1 ARM at 2.75% with a cap structure of 1.5/8. What will their payments be for the first 3 years? (3 points) $1,696.24 $2,252.70 $2,572.92 $3,475.41 Score: 3 of 3 3. Karen and Jeremy are purchasing a house and are financing $225,000. The mortgage is a 30-year 4/1 ARM at 3.0% with a 2/6 cap structure. What will the remaining balance be after the first 4 years? (3 points) $196,208.00 $210,667.50 $205,335.00 $210,895.73 Score: 3 of 3 4. Leah is purchasing a condominium and is fin [Show More]
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