Question: Consider a $150,000 variable rate loan with an initial interest rate of 8.75% and a 30-year amortization period. Assuming a 1% increase in rate, what

Consider a $150,000 variable rate loan with an initial interest rate of 8.75% and a 30-year amortization period. Assuming a 1% increase in rate, what is the second year monthly debt service? O $1,287.00 O $1.296.32 $1.288.73 O $3,647.09

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