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A 30 year mortgage with a 3/1 adjustable rate is one in which the interest rate is fixed yield to maturity .The correct answer is three points of disbursement discount (point), fully amortizing.
The first three years and then is subject to change. I created an amortisation schedule that shows the first three payments will have a 7% interest rate, followed by payments with a 6% interest rate for the remaining payments. The initial 36 months' payment is $997.95 (principal debt after 36 payments: $145,090.59), after which it drops to $905.34.look at the amortisation schedule 1.The monthly payments would be $935.98 if the first three years' interest costs were the only ones paid by the payments, which would be calculated as follows: $150,000 x 7%/12 = $875. see Schedule of Amortization 2.
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