3.54 You borrow $200,000 with a 25-year payback term and a variable APR that starts at 8% and can be changed every five years. 1 (a) What is the initial monthly payment? (b) If, at the end of five years, the lender's interest rate changes to 9% (APR), what will the new monthly payment be? Ans: 4) P = 200000 i permonth 8% 12 N = 12 x 25 = 300 A = 2 = 200000 2 3 %0