Your ARM Contract Is $100,000,monthly Payments for 30 Years

question 10

Multiple Choice

Your ARM contract is $100,000,monthly payments for 30 years.Your contract rates are 4.50% and 6%,respectively,for the first two years.What is the balance of the loan at the end of year two?

• A) $95,709
• B) $96,699
• C) $97,088
• D) $98,387
• E) cannot be determined

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Definitions:

Assignment Statement

Is the act of allocating a particular value to a variable during program execution.

Accumulating Statement

A statement in programming that updates the value of a variable by adding a new value to it.

Postfix Decrement

Postfix Decrement is an operator in programming that decreases the value of a variable by one, after the current operation completes.

Prefix Decrement

Prefix decrement is an operator that decreases the value of a variable by one before the variable is used in an expression.