Sherri attempts to determine the total cost of a $500,000 ARM which starts at 6% by...

 

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Sherri attempts to determine the total cost of a $500,000 ARM which starts at 6% by predicting the monthly payments. Her predictions are shown in the table. Year 1-5 6-20 21-30 Adjustable Rate Mortgage Monthly Payment $2,997.75 $2,858.27 $3,093.85 What is the total cost of this mortgage based on Susan's predictions? 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. Year 1-15 Year 1-5 6-15 Fixed Rate Mortgage Monthly Payment $1,610.46 Adjustable Rate Mortgage Monthly Payment $1,520.06 $1,728.54 What is the difference between the total costs of the mortgages rounded to the nearest hundred? Sherri attempts to determine the total cost of a $500,000 ARM which starts at 6% by predicting the monthly payments. Her predictions are shown in the table. Year 1-5 6-20 21-30 Adjustable Rate Mortgage Monthly Payment $2,997.75 $2,858.27 $3,093.85 What is the total cost of this mortgage based on Susan's predictions? 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. Year 1-15 Year 1-5 6-15 Fixed Rate Mortgage Monthly Payment $1,610.46 Adjustable Rate Mortgage Monthly Payment $1,520.06 $1,728.54 What is the difference between the total costs of the mortgages rounded to the nearest hundred?

Answer rating: 100% (QA)

To calculate the total cost of the mortgages based on the given information you need to find the tot... View the full answer