Question: A 30 year variable rate mortgage offers a first year teaser rate of 3.11%. After that the rate starts at 5% adjusted based on actual

A 30 year variable rate mortgage offers a first year teaser rate of 3.11%. After that the rate starts at 5% adjusted based on actual interest rates. If the mortgage is $325,000 compute the monthly payment during the first year. $1255 $1225 $1370 $1389

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