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A borrower takes out an adjustable rate mortgage for $200,000 that has a teaser rate of 4%. The loan will reset in year 3 and

A borrower takes out an adjustable rate mortgage for $200,000 that has a "teaser rate" of 4%. The loan will reset in year 3 and have a new interest rate of 5.0%. What is the monthly payment when the loan resets in year 3? Group of answer choices $1,071 $1,102 $1,067 $1,023 $999

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