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Need help with these two questions, PLEASE help....

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Business and Finance

2012-04-10 00:00:00

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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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