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Two different families,… Show more Note: The information p

Two different families,… Show more Note: The information presented here applies to questions 5, 6, 7, 8 and 9. Two different families, the Smith family and the Jones family, have taken out identical mortgages. Each has borrowed $320,000 using a 5/1 ARM with an initial fully-indexed rate of 4.25% and neither family paid any points at origination. The fully-indexed rate is determined by the yield on the LIBOR index plus a margin of 250 basis points. A)What was the yield on the LIBOR index at the time when each family purchased their house? B)If the rate determining payments for the first five years of the loan equals the fully-indexed rate, what is the balance remaining at the first reset date? C)If, at the first reset date, the yield on the LIBOR index is 2.25%, what is the scheduled monthly payment for the sixth year of the loan? D)The Smith family plans on selling their house at the end of four years. What is their effective cost of borrowing? E)The Jones family plans on staying in their house for at least the next thirty years. If the yield on the LIBOR index is 2.25% at the first reset date and does not change for the remaining life of the loan, what is their effective cost of borrowing? Would appreciate steps shown using a TI BA II Plus • Show less

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