The interest amount for the first month of the second year. If the mortgage amount is $ 110 , 000 and loan has been mortgage for 20 years and the index rate is 3 % and the margin rate is 2 % . There is periodic rate cap of 2 % per adjustment period and the principal at the end of the first year is $ 105 , 706.34 ..

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Answer 1

Question

Chapter 13.4, Problem 42E

(a)

To determine

To calculate: The interest amount for the first month of the second year. If the mortgage amount is $110,000 and loan has been mortgage for 20 years and the index rate is 3% and the margin rate is 2%. There is periodic rate cap of 2% per adjustment period and the principal at the end of the first year is $105,706.34..

(b)

To determine

To calculate: the monthly payment for the first month of the second year. If the mortgage amount is $110,000 and the loan has been mortgage for 20 years and the index rate is 3% and the margin rate is 2%. There is periodic rate cap of 2% per adjustment period. The principal at the end of the first year is $105,706.34.

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Answer 2

Question

Chapter 13.4, Problem 42E

(a)

To determine

To calculate: The interest amount for the first month of the second year. If the mortgage amount is $110,000 and loan has been mortgage for 20 years and the index rate is 3% and the margin rate is 2%. There is periodic rate cap of 2% per adjustment period and the principal at the end of the first year is $105,706.34..

(b)

To determine

To calculate: the monthly payment for the first month of the second year. If the mortgage amount is $110,000 and the loan has been mortgage for 20 years and the index rate is 3% and the margin rate is 2%. There is periodic rate cap of 2% per adjustment period. The principal at the end of the first year is $105,706.34.

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Answer 3

Question

Chapter 13.4, Problem 42E

(a)

To determine

To calculate: The interest amount for the first month of the second year. If the mortgage amount is $110,000 and loan has been mortgage for 20 years and the index rate is 3% and the margin rate is 2%. There is periodic rate cap of 2% per adjustment period and the principal at the end of the first year is $105,706.34..

(b)

To determine

To calculate: the monthly payment for the first month of the second year. If the mortgage amount is $110,000 and the loan has been mortgage for 20 years and the index rate is 3% and the margin rate is 2%. There is periodic rate cap of 2% per adjustment period. The principal at the end of the first year is $105,706.34.

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Answer 4

Question

Chapter 13.4, Problem 42E

(a)

To determine

To calculate: The interest amount for the first month of the second year. If the mortgage amount is $110,000 and loan has been mortgage for 20 years and the index rate is 3% and the margin rate is 2%. There is periodic rate cap of 2% per adjustment period and the principal at the end of the first year is $105,706.34..

(b)

To determine

To calculate: the monthly payment for the first month of the second year. If the mortgage amount is $110,000 and the loan has been mortgage for 20 years and the index rate is 3% and the margin rate is 2%. There is periodic rate cap of 2% per adjustment period. The principal at the end of the first year is $105,706.34.

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Answer 5

Chapter 13.4, Problem 42E

(a)

To determine

To calculate: The interest amount for the first month of the second year. If the mortgage amount is $110,000 and loan has been mortgage for 20 years and the index rate is 3% and the margin rate is 2%. There is periodic rate cap of 2% per adjustment period and the principal at the end of the first year is $105,706.34..

(b)

To determine

To calculate: the monthly payment for the first month of the second year. If the mortgage amount is $110,000 and the loan has been mortgage for 20 years and the index rate is 3% and the margin rate is 2%. There is periodic rate cap of 2% per adjustment period. The principal at the end of the first year is $105,706.34.

Answer 6

Chapter 13.4, Problem 42E

(a)

To determine

To calculate: The interest amount for the first month of the second year. If the mortgage amount is $110,000 and loan has been mortgage for 20 years and the index rate is 3% and the margin rate is 2%. There is periodic rate cap of 2% per adjustment period and the principal at the end of the first year is $105,706.34..

Answer 7

Chapter 13.4, Problem 42E

(a)

To determine

To calculate: The interest amount for the first month of the second year. If the mortgage amount is $110,000 and loan has been mortgage for 20 years and the index rate is 3% and the margin rate is 2%. There is periodic rate cap of 2% per adjustment period and the principal at the end of the first year is $105,706.34..

Answer 8

(b)

To determine

To calculate: the monthly payment for the first month of the second year. If the mortgage amount is $110,000 and the loan has been mortgage for 20 years and the index rate is 3% and the margin rate is 2%. There is periodic rate cap of 2% per adjustment period. The principal at the end of the first year is $105,706.34.

Answer 9

(b)

To determine

To calculate: the monthly payment for the first month of the second year. If the mortgage amount is $110,000 and the loan has been mortgage for 20 years and the index rate is 3% and the margin rate is 2%. There is periodic rate cap of 2% per adjustment period. The principal at the end of the first year is $105,706.34.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - Find the future value of each deposit if the...Ch. 13.1 - Find the future value of each deposit if the...Ch. 13.1 - Find the future value of each deposit if the...Ch. 13.1 - Find the future value of each deposit if the...

Solution Summary: The author calculates the interest amount for the first month of the second year.

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