Question

Chris and Justine are purchasing a townhouse and finance $112,900 with a 25-year 6/3 ARM at 4.85% with a 2/12 cap structure. What will their payments be at the beginning of the seventh year assuming they are charged the maximum interest rate for that year? (4 points)

Answer 1

Answer:

trash and Justin are purchasing the town house and finance dollar 112 900 with