Joseph has obtained a $169,000, 5/1 30-year arm at 5%. during the first 3 years, he has an option of paying interest only. if he accepts this offer, what would be his initial payment? a. $756.92 b. $746.18 c. $579.17 d. $704.17

The initial payment will be D. $704.17

Step-by-step explanation:

Joseph has obtained a $169,000, 5/1 30-year ARM at 5%.

During the first 3 years, he has an option of paying interest only. So, it is simple interest.

Simple interest is given as :

here, p = 169000

r = 5%

t = 30

Putting values in formula:

= $253500

As this is interest for 30 years or 360 months. So, for initial interest we will divide the interest with 360.

≈ $704.17

Therefore, the initial payment will be $704.17

900 degrees

step-by-step explanation:

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