Question: You borrow $65,000 with a variable rate loan for 10 years. During years 1-3 (for 3 years) you pay 2.75%. a. Calculate the monthly payments.

You borrow $65,000 with a variable rate loan for 10 years. During years 1-3 (for 3 years) you pay 2.75%.

a. Calculate the monthly payments.

b. After the 3rd year, the rate rises to 3.5%. Calculate your new monthly payments.

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