Solve the problem. Use the given table to find monthly payments. Assuming the mortgage is a 20-year adjustable rate mortgage, use the given information to find the monthly mortgage payment. Then make a rough estimate of the monthly payment for year 3 by calculating the monthly payment for a 20-year mortgage for the original amount at the new interest rate. P = $183,000; beginning interest rate, 5%; rate increases 1%, then 2%

Question 9 options:

	$982.71; $1343.22
	$1941.63; $2219.79
	$1207.80; $1529.88
	$1207.80; $2219.79