Question: A 20 year variable rate mortgage offers a first year teaser rate of 1.75% After that the rate starts at 4.25% adjusted based on actual

A 20 year variable rate mortgage offers a first year teaser rate of 1.75% After that the rate starts at 4.25% adjusted based on actual interest rates. If the mortgage is $225,000 compute the monthly payment during the second year, if the interest rate increases to 4.25%. $1379 $2370 $1262 $1289

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