Five years ago, you borrowed $280,000 to purchase a new duplex in north scottsdale. at the time you were able to finance it with a 5/1 ARM (fully amortizing over 30 years) that will reset to a higher interest rate in year 6. when you made the purchase, you put 25% down and financed the remainder. the initial interest rate was 4.8%. once the fixed portion was completed, the rate would adjust annually to LIBOR plus 3%. what was your initial payment?