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Vernon has obtained a $105,000, 5/1 30-year ARM at 5%. During the first 3 years, he has an option of paying interest only. If he accepts this offer, what would be his initial pa…

Vernon has obtained a $105,000, 5/1 30-year ARM at 5%. During the first 3 years, he has an option of paying interest only. If he accepts this offer, what would be his initial pa…
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Vernon has obtained a $105,000, 5/1 30-year ARM at 5%. During the first 3 years, he has an option of paying interest only. If he accepts this offer, what would be his initial payment?

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User Stars
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2 Answers

5 votes

Answer: 437.50

Explanation:

answered
User Emil C
by
7.2k points
7 votes
The answer is $437.50. (APEX)
answered
User Gerry Shaw
by
8.5k points
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