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CeMap 3 Specimen A Question
newbie11
Posts: 3 Newbie
Puzzled by the answer tot his question...in short
Advanced Fixed Rate CAT Mortgage of £76,000. Rate fixed for 3 yrs. If mortgage is redeemed at the end of year one what maximum total redemption charges if any appliies: A-None
B-£760
C-£1520
D-£2280
I thought it was B as this is max 1% but answer says C, could somebody explain this for me would really appreciate it. Thanks
Advanced Fixed Rate CAT Mortgage of £76,000. Rate fixed for 3 yrs. If mortgage is redeemed at the end of year one what maximum total redemption charges if any appliies: A-None
B-£760
C-£1520
D-£2280
I thought it was B as this is max 1% but answer says C, could somebody explain this for me would really appreciate it. Thanks
0
Comments
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Its 1% each year remaining so as 2 yrs to go 2X760 =1520I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0
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Thanks so much need to start reading questions properly !!!
:T0
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