Teaser Rate Mortgage A mortgage broker is offering a $30-$year mortgage with a teaser rate. In the first two years of the mortgage, the borrower makes monthly payments on only a $5\mathrm{.}5$ percent APR interest rate. After the second year, the mortgage interest charged increases to $9\mathrm{.}0$ percent APR. What is the effective interest rate in the first two years? What is the effective interest rate after the second year?

Multiple Choice

$5\mathrm{.}50\%,9\mathrm{.}00\%$ respectively

$13\mathrm{.}09\%,13\mathrm{.}65\%$ respectively

$5\mathrm{.}39\%,8\mathrm{.}72\%$ respectively

$5\mathrm{.}64\%,9\mathrm{.}38\%$ respectively