Social Studies, 03.12.2020 16:50 rosie20052019
Alex took out a 7/1 variable-rate mortgage for $140,000. The interest rate for
the first period was fixed at 5.25%, and the loan was amortized over 30 years.
At the end of the initial loan period, the interest rate was 6.75%, plus a 1.5%
margin. What was Alex's monthly mortgage payment during the initial fixed-
rate period?
A. $809.54
B. $739.09
C. $805.34
D. $773.09
Answers: 1
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Alex took out a 7/1 variable-rate mortgage for $140,000. The interest rate for
the first period was...
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