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Let’s assume that you are applying for a mortgage in the amount of $380,000 at an interest rate of 7

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Let’s assume that you are applying for a mortgage in the amount of $380,000 at an interest rate of 7.5%. This is 30 year amortizing 10/1 ARM. What is the debt service of this mortgage?

A. $2,657.02

B. $2,634.75

C. $4,342.06

D. $4,510.67

Given the following information, calculate the interest only payment on this commercial loan. 5/1 I/O ARM, Loan amount: $2,984,000, Interest rate: 4.5%, Term: 30 years. First year, annual and lifetime cap: 5%. Index: LIBOR. Margin: 2.5%
A. $15,119
B. $11,290
C. $11,190
D. $15,190