(Answered) A mortgage broker is offering a 188900 20-year mortgage

Statistics

A mortgage broker is offering a $188,900 20-year mortgage with a teaser rate. In the first two years of the mortgage, the borrower makes monthly payments on only a 4.5 percent APR interest rate. After the second year, the mortgage interest rate increases to 7.5 percent APR.

1) What are the monthly payments in the first two years?

2) What are the monthly payments after the second year?

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