Five years ago, you purchased a duplex in North Scottsdale for $280,000. 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%.

a. What was your initial payment?