As I mentioned in the in slide 29 of Chapter 15's PPT(Adjustable Rate Mortgages with Caps: Exhibit15 5), some of the numbers are incorrect. Identify the FIRST number that is incorrect

I have added chp 5 29# slide

Adjustable Rate Mortgages with Caps: Exhibit 15-5 Loan Assumptions Initial Amount: $100,000 Term: 30 years (360 months) Margin: 2.75% (275 basis points) Caps Periodic (annual): 1.00% Life-of-loan: 5.00% Year 1 2 3 Index 3.25 Pct. 3.25 Pct. 3.50 Pct. Teaser Rate 4.50 Pct. Lesser of: Lesser of: (3.25 +2.75) (3.50 +2.75) or ( 4.50 +1.00) or ( 5.50 +1.00) Interest Rate 4.50 Pct. 5.50 Pct* 6.25 Pct.* Beginning Balance $100,000 $98,386.77 $96,976.54 Months Remaining 360 348 336 Monthly Payment $506.69 $566.26 $611.85 Life-of-loan Maximum Interest Rate: 9.50 % (4.50+5.00) *Assumes that periodic cap applies to any initial interest rate, including "teaser" rate