question archive Sheldon Cooper plans to buy a research facility for $350,000
Sheldon Cooper plans to buy a research facility for $350,000
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Sheldon Cooper plans to buy a research facility for $350,000. He will borrow the entire amount. Sheldon will take out an adjustable rate mortgage that has an APR of 3.0 percent rate for the first 5 years. After that the rate will change annually to reflect market conditions. The annual cap is 2% (i.e., the largest increase in any year is 2%). The loan term is 30 years and payments are made monthly.
What is the remaining balance on the loan after five years?
What is the greatest mortgage payment Sheldon might owe when the interest rate resets at the beginning of the 6th year?
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