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Assume we have a $500,000 mortgage at a 3.5% original interest rate, 30 -year term, and monthly payments. The interest rate can be adjusted at

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Assume we have a $500,000 mortgage at a 3.5% original interest rate, 30 -year term, and monthly payments. The interest rate can be adjusted at the end of each year, and we assume the rate increases by 0.25% after the first year. What is the monthly payment for the 4 th year of the loan? 2,418,25 2,448,03 2,455,81 None of the given answers 2,481,25

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