Mathematics

11 March, 15:42

Charlie and Juana are purchasing a townhouse and finance $94,700 with a 15 year 5/2 ARM at 7.35% with a 2/10 cap structure. what will the payments be at the beginning of the sixth year assuming they are charged the maximum interest rate for that year? (show work)

A = $763.60

B = $677.53

C = $948.44

D = $869.83

+4

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