1 of 3 - What is the initial monthly payment

2 of 3 - What is the monthly payment for the second adjustment period

3 of 3 - How much is the increase in monthly payments

These questions are under one full question, thank you!

$75,000 Beginning Balance Term 20 years The table shows the specifications of an adjustable rate mortgage (ARM). Assume no caps apply. Find a) the initial monthly payment; b) the monthly payment for the second adjustment; and c) the change in monthly payment at the first adjustment. *The principal balance at the time of the first rate adjustment. Initial index rate 6.4% COD 2.6% 1 year Margin Adjustment period Adjusted index rate *Adjusted balance 7.9% $73,595.52