19. A fully amortising loan with an adjustable rate is made for $120,000 for 20 years at the expected start rate is 5% with an annual reset date. Since the borrower is the first time home buyer, the bank agrees to give him an introductory rate (teaser rate) at 2% for the first year. a) What will be the payments during the first year? b) Assuming that the reset rate is 6% at the beginning of year 2, what will pay yment be? c) What if the borrower fixed the teaser rate (2%) in the first 3 years, what will payments be in year 4 to year 25; assuming the reset rate is 6%