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Annie Kavitha, Teacher
Category: Homework
Satisfied Customers: 1024
Experience:  Master of Commerce
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# Consider the following scenario: John buys a house for \$135,000

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Consider the following scenario: John buys a house for \$135,000 and takes out a five year adjustable rate mortgage with a beginning rate of 5%. He makes annual payments rather than monthly payments.

Unfortunately for John, interest rates go up by 1% for each of the five years of his loan (Year 1 is 5%, Year 2 is 6%, Year 3 is 7%, Year 4 is 8%, Year 5 is 9%).

Calculate the amount of John's payment over the life of his loan. Compare these findings if he would have taken out a fix rate loan for the same period at 6.5%. Which do you think is the better deal?

Submit your Distinguished Scholar Project to the Dropbox by the end of the Unit.
Submitted: 4 years ago.
Category: Homework
Expert:  Annie Kavitha replied 4 years ago.

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Annie Kavitha, Teacher
Category: Homework
Satisfied Customers: 1024
Experience: Master of Commerce

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