2. [10 points) You borrowed the $325,000 needed to finance your new home in South Orange, NJ using a 5/1 hybrid ARM. The rate on the loan is based on the rate associated with the COFI index plus a margin of 250 basis points. (a) If the COFI index was 1.25% at the time that you closed on your mortgage. what is your scheduled monthly payment for the first 3 years of the loan? (b) If the COFI index is 2.00% at your first reset date, what is your scheduled payment for the sixth year of your loan? 2. [10 points) You borrowed the $325,000 needed to finance your new home in South Orange, NJ using a 5/1 hybrid ARM. The rate on the loan is based on the rate associated with the COFI index plus a margin of 250 basis points. (a) If the COFI index was 1.25% at the time that you closed on your mortgage. what is your scheduled monthly payment for the first 3 years of the loan? (b) If the COFI index is 2.00% at your first reset date, what is your scheduled payment for the sixth year of your loan