Savannah took out a 7/1 variable-rate mortgage for $114,000. The interest rate for the first period was fixed at 6.15%, and the loan was amortized over 30 years. At the end of the initial loan period, the interest rate was 7.15%, plus a 1.25% margin.
Part I: What was Savannah’s monthly payment for the first 7 years of the loan?
Part II: What was the remaining balance on Savannah’s loan after the initial fixed-rate period?
Part III: What was the interest rate in the eighth year of Savannah’s mortgage?
Part IV: What was Savannah’s monthly payment in the eighth year of her mortgage?
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