Question: Please answer: A borrower takes-out a fully amortizing loan for $1,000,000. The term of the loan is 30 years. The initial interest is 6% APR,

Please answer:

Please answer: A borrower takes-out a fully amortizing loan for $1,000,000. The

A borrower takes-out a fully amortizing loan for $1,000,000. The term of the loan is 30 years. The initial interest is 6% APR, compounded monthly. After one year, the interest rises to 8% APR, compounded monthly. After two years, the interest falls back to 6% APR, compounded monthly. After three years, the interest further falls to 4% APR, and it remains at 4% APR for the rest of the loan term Part A What are the monthly mortgage payments during the second year? Part B What is the balance of the loan at the end of the second years

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