An interest-only ARM is made for $205.000 for 30 years. The start rate is 5 percent and the borrower will make monthly interest-only payments for three years. Payments thereafter must be sufficient to fully amortize the loan at maturity. Required: a. If the borrower makes interest-only payments for three years, what will the payments be? b. Assume that at the end of year 3 , the reset rate is 6 percent. The boirrower must now make payments so as to fully amortize the loan. What will the payments be? Complete this question by entering your answers in the tabs below. If the borrower makes interest-only payments for three years, what will the payments be? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)