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A mortgage broker is offering a 30 year $271,000 mortgage witha teaser rate in the first two years of the mortgage the borrowermakes monthly payments on only 3.7% APR interest rate. After thesecond year, the mortgage interest rate charged increase to 6.7%APRWhat are the monthly payments in the first two years? Do notround intermediate calculations and round your final answer to 2decimal places.What are the monthly payments after the second year? Do notround intermediate calculations and round your final answer to 2decimal places.
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