Consider a 15-year $250,000 5/1 ARM having a 2.5% margin and based on the CMT index. Suppose the interest rate is initially 6% and the value of the CMT is 4.9% five years later. Assume that all interest rates use monthly compounding.

(a) Calculate the monthly payment for the first 5 years.

(b) Calculate the unpaid balance at the end of the first 5 years.

(c) Calculate the monthly payment for the 6th year.

Consider a 15-year $250,000 5/1 ARM having a 2.5% margin and based on the CMT index. Suppose the interest rate is initially 6% and the value of the CMT is 4.9% five years later. Assume that all interest rates use monthly compounding. (a) Calculate the monthly payment for the first 5 years. (b) Calculate the unpaid balance at the end of the first 5 years. (c) Calculate the monthly payment for the 6th year. (a) The monthly payment for the first five years is $ (Round to the nearest cent as needed.)