Financial Planning Exercise 10 Conventional vs. ARM mortgage payments What would the monthly payments be on a $65,000 loan if the mortgage were set up as: a. A 15-year, 9.5 percent fixed-rate loan. Round the answer to the nearest cent. per month b. A 30-year ARM in which the lender adds a margin of 2 to the index rate, which now stands at 7.5 percent. Find the monthly mortgage payments for the first year only. Round the answer to the nearest cent. $ $ per month