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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