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You take out an adjustable rate mortgage for $ 1 0 0 , 0 0 0 for 2 0 years. For the first 5 years,
You take out an adjustable rate mortgage for $ for years. For the first years, the rate is It then rises to for the next years, and then for the last years. What are your monthly payments in the first years, the next years, and the last years? Assume that each time the rate changes, the payments are recalculated to amortize the remaining debt if the interest rate were to remain constant for the remaining life of the mortgage. Round your answers to the nearest cent.
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