Question: Suppose you takes out a 3 0 - year adjustable rate mortgage loan for $ 2 0 9 , 3 7 2 with a teaser

Suppose you takes out a 30-year adjustable rate mortgage loan for $209,372 with a "teaser" rate of 3.5% in the first two years of the loan, after that, the rate can reset with an annual interest rate cap of 3%. On the reset date, if the new composite rate is 3%. What would your monthly payment for Year 3?(Round your answer to two decimal points)
Suppose you takes out a 30-year adjustable rate mortgage loan for

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