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A mortgage broker is offering a 30 year $271,000 mortgage with a teaser rate in the...

A mortgage broker is offering a 30 year $271,000 mortgage with a teaser rate in the first two years of the mortgage the borrower makes monthly payments on only 3.7% APR interest rate. After the second year, the mortgage interest rate charged increase to 6.7% 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.

What are the monthly payments after the second year? Do not round intermediate calculations and round your final answer to 2 decimal places.

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As nothing was mentioned excel is used. If you need with formula, let me know, will do that also. Thank you.


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