Question: You borrow $ 120,000 with a 30-year term at a 9% (APR) variable rate and the interest rate can be changed every five years. (a)

You borrow $ 120,000 with a 30-year term at a 9% (APR) variable rate and the interest rate can be changed every five years.
(a) What is the initial monthly payment?
(b) If the lender's interest rate is 9.75% (APR) at the end of five years, what will the new monthly payments be?

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