Question

Marcia has a 25-year adjustable rate mortgage with a rate of 4.2% for the first 3 years. The monthly payment is $1,805.46. The amount of the mortgage is $335,000. What is the remaining balance after 3 years rounded to the nearest dollar?

$270,003

$292,822

$294,800

$310,761

Answer 1

You are given a 25-year adjustable rate mortgage with a rate of 4.2% for the first 3 years, monthly payment of $1,805.46 and the amount of the mortgage is $335,000. The remaining balance after 3 years rounded to the nearest dollar is $292,822.