Question: Please answer it with excel. A borrower takes out a 30-year adjustable rate mortgage loan for $213,000 with monthly payments. The first two years of

Please answer it with excel.

A borrower takes out a 30-year adjustable rate mortgage loan for $213,000 with monthly payments. The first two years of the loan have a "teaser" rate of 4%, after that, the rate can reset with a 1% interest rate cap. On the reset date (end of year 2), the composite rate is 6%. What is the payment amount during the third year?

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