MGF 1105 - Fall 2017 Homework: Section 13.4 Homework Score: 0 of 1 pt |2013.4.41 Save 7af 10 (9 complete) HW Score: 80%, 8 of 10 pts James Knchen has a 1 year ARM for S51.788 over a 24 year term The magn s 2s and the ndex rate stats out at 5 4% and increases to 10 0% at the frst adustment The balance of princpal at the end of the first year s $49.868 22 The ARM inciudes a periodic rate cap of 2% per adjistment penod Find (a) the interest owed and (b) the monthily payment due for the first month of the first year (a) The interest owed is 5 319 36 (Samplity your answer Do not round until the final answer. Then round to the nearest cent as needed ) (b) The monthly payment due for the first month of the first years (Simplity your answer Do not round unes the inal answer Then round to the nearest cent as needed) Enter your answer in the answer box and then click Check Answer Clear A Check Answer MGF 1105 - Fall 2017 Homework: Section 13.4 Homework Score: 0 of 1 pt |2013.4.41 Save 7af 10 (9 complete) HW Score: 80%, 8 of 10 pts James Knchen has a 1 year ARM for S51.788 over a 24 year term The magn s 2s and the ndex rate stats out at 5 4% and increases to 10 0% at the frst adustment The balance of princpal at the end of the first year s $49.868 22 The ARM inciudes a periodic rate cap of 2% per adjistment penod Find (a) the interest owed and (b) the monthily payment due for the first month of the first year (a) The interest owed is 5 319 36 (Samplity your answer Do not round until the final answer. Then round to the nearest cent as needed ) (b) The monthly payment due for the first month of the first years (Simplity your answer Do not round unes the inal answer Then round to the nearest cent as needed) Enter your answer in the answer box and then click Check Answer Clear A Check