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Suppose you borrow $450,000 with a 24-year amortization at 6% (APR) compounded semi-annually and paid monthly. The mortgage has 6-year terms and after each term

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Suppose you borrow $450,000 with a 24-year amortization at 6% (APR) compounded semi-annually and paid monthly. The mortgage has 6-year terms and after each term the interest rate can be changed. 1. a. What is the monthly payment for the first term? b. If the interest rate increases to 8% (APR) for the second term, what will the new monthly payments be

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