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What is the monthly payment during the first year

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A 30-year variable-rate mortgage offers a first-year teaser rate of 2%. After that, the rate starts at 4.5%, adjusted based on actual interest rates. The maximum rate over the life of the loan is 10.5%, and the rate can increase by no more than 200 basis points a year. If the mortgage is for $250,000, what is the monthly payment during the first year? Second year?

What is the maximum payment during the fourth year? What is the maximum payment ever?

Reference no: EM131127879

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