You borrowed $270,000 for 30 years to buy a house with a
graduated payment mortgage with an interest rate of 5.25% per year.
The first year’s monthly payments are $1,123.74, and the payments
increase 7.0% per year for five years. What is the monthly payment
at the beginning of the third year? Question 14 options: 1)
$1,376.63 2) $1,472.99 3) $1,576.10 4) $1,286.57 5) $1,328.95