22. David is considering an adjustable rate mortgage loan with the following characteristics: Loan amount: $250,000 Term: 30 years Index: one year T-Bill Margin: 2% Periodic cap: 2% Lifetime cap: none Negative amortization: not allowed Financing costs: 1 discount point and $5,500 in origination fees. The Treasury bill yield is 6% at the outset and is expected to increase to 8% at the beginning of the second year and to 13% at the beginning of the third year. If David prepays the loan at the end of the third year, what is the ARM's effective borrowing cost? 22. David is considering an adjustable rate mortgage loan with the following characteristics: Loan amount: $250,000 Term: 30 years Index: one year T-Bill Margin: 2% Periodic cap: 2% Lifetime cap: none Negative amortization: not allowed Financing costs: 1 discount point and $5,500 in origination fees. The Treasury bill yield is 6% at the outset and is expected to increase to 8% at the beginning of the second year and to 13% at the beginning of the third year. If David prepays the loan at the end of the third year, what is the ARM's effective borrowing cost