Determine what will the initial monthly payment

Reference no: EM13208770

you borrow $120,000 with a 30-year term at a 9% (APR) variable rate and the interest rate can be changed every 5 years.

a) what will the initial monthly payment?

b) if the leader's interest rate is 9.75% (APR) at the end of 5 years, what will the new monthly payments be?

Reference no: EM13208770

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