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Business and Finance
1. 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?
A. $196,208.00 B. $210,667.50 C.$205,335.00 D. $210,895.73
2. A bank advertises a 2/1 ARM at 5.15% with a 2/6 cap. What is the maximum interest rate that can be charged during the fifth year?
A. 11.15% B. 6% C. 5.15% D. 2%
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