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Chapter 5 Practice a. lings Review View You have taken out a S350,000, 3/1 ARM. The initial tate of 6,00% (annual) is locked in for 3 years. Calculate the outstanding balance on the loan after 3 years. The interest rate after the initial lock period is 6.5%. (Note: the term on this 3/1 ARM is 30 years) A. $2,098.43 B. $2,183.95 C. S33629425 D. $347,901.57 fou have taken out a $300,000, sn ARM. The initial fate of 54% (annual) s locked in fesyears. Calculate the payment after recasting the loan (ie, after the reset) assuming the interest rate after the initial lock period is 8.0% (Note:the term on this si ARM is 30 years) A. $1,684.59 B. $1,784.79 C. $1,887.75 D. $2,138.02 You have taken out a S225,000, 3/1 ARM. The initial rate of 5.8% (annual) is locked in for 3 years and is expected to increase to 6.5% at the end of the lock period. Calculate the initial payment on the loan. (Note: the term on this 3/1 ARM is 30 years) A $1,320.19 B. $1,422.15 C. $1,874.45 D. $1959.99 You have taken out a S350,000, 3/1 ARM. The initial rate of 60% (annual) is locked in for 3 years Determine ty in the property after 3 years if the market value of the property at the end of year 3 is S400,000. The interest rate after the initial lock penod is 63%, (Note: the term on this 3 ARM is 30 years) A. $13,705.75 B. $50,000.00 C. S6370575 D. $336,294.25 You have taken out a $100,000, one-year ARM The teaser rate n the first year is 45% (annual) The index interest rate after the first year is 3.25% and the margin is 2.75% (Note: the term on this ARM is 30 years). There is also a porodic (annual) rate cap of 1.00%. Given this information, determine the monthly mortgage payment you would be scheduled to make in mooth I of the mortgage loan's term. A. $321.64 B. $506.69 C. S567.79 D. $599.55 You have taken out a S 100,000, one-year ARM. The teaser rate in the first year is 45% (annual). The index interest rate after the first year is 3.25% and the margin is 2.75% (Note: the term on this ARM is 30 years. There is also a periodic (annual) rate cap of 1.00%. Given this 1nformation, determine the monthly mortgage payment you would be scheduled to make in month 13 of the mortgage loan's term A. $321.64 B. $506.69 C. S56626 D. $59721