Heather gott bought a home with an adjustable-rate mortgage. the lender's margin on the loan is 3.5%, and the overall rate cap is 8% over the life of the loan. round your answers to two decimal places.
a. if the current index rate is 3.75%, what is the calculated interest rate of the arm?
do not enter the percent symbol in your answer.
%
b. what is the maximum overall arm rate of heather's loan?
do not enter the percent symbol in your answer.
%
- for the following second mortgage application, calculate the percentage of the appraised value and the potential credit.
appraised
value lender's
percentage percentage of
appraised value balance of
first mortgage potential
credit
$81,800 60% $ $35,400 $
for the following second mortgage application, calculate the percentage of appraised value and the potential credit.
appraised
value lender's
percentage percentage of
appraised value balance of
first mortgage potential
credit
$324,600 75% $ $193,100 $
for the following second mortgage application, calculate the percentage of appraised value and the potential credit.
appraised
value lender's
percentage percentage of
appraised value balance of
first mortgage potential
credit
$247,200 80% $ $107,520 $