A mortgage broker is offering a 289000 33-year mortgage, Financial Management

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A mortgage broker is offering a 289000 33-year mortgage

A mortgage broker is offering a $289,000 33-year mortgage with a teaser rate. In the first two years of the mortgage, the borrower makes monthly payments on only a 5.5 percent APR interest rate. After the second year, the mortgage interest rate charged increases to 9.5 percent APR. What are the monthly payments in the first two years? What are the monthly payments after the second year?

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