Suppose you borrow $120,000 with a 30-year amortization at 9% (APR) compounded semi-annually and paid...
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Accounting
Suppose you borrow $120,000 with a 30-year amortization at 9% (APR) compounded semi-annually and paid monthly. The mortgage has 5-year terms and after each term the interest rate can be changed.
What is the monthly payment for the first term?
If the interest rate increases to 9.75% (APR) for the second term, what will the new monthly payments be?
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