Advanced Placement (AP)

Advanced Placement (AP)

21 June, 05:57

Gretta needs a $300,000 mortgage and is offered two choices. The monthly payments for the fixed rate and predicted payments for the ARM are shown.

Adjustable Rate Mortgage

Year Monthly

Payment

1-15 $1,610.46

Adjustable Rate Mortgage

Year Monthly

Payment

1-5 $1,520.06

6-15 $1,728.54

What is the difference between the total costs of the mortgages rounded to the nearest hundred?

$8,700

$1,700

$15,800

$5,000

+5

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