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A mortgage broker is offering a 20-year $176,900 mortgage with a teaser rate. In...

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Finance

A mortgage broker is offering a 20-year $176,900 mortgage with a teaser
rate. In the first two years of the mortgage, the borrower makes monthly
payments on only a 3.3 percent APR interest rate. After the second year,
the mortgage interest rate charged increases to 6.3 percent APR.
What are the monthly payments in the first two years? (Do not round
intermediate calculations and round your final answer to 2 decimal
places.)
Monthly payment
What are the monthly payments after the second year? (Do not round
intermediate calculations and round your final answer to 2 decimal
places.)
Monthly payment
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