Five years ago you took out a 5/1 adjustable rate mortgage and the five-year fixed rate period has just expired. The loan was originally for

$300,000

with

360

payments at

4.3%

APR, compounded monthly.a. Now that you have made

60

payments, what is the remaining balance on the loan?b. If the interest rate increases by

1%,

to

5.3%

APR, compounded monthly, what will be your new payments?

Question content area bottom

Part 1

a. Now that you have made

60

payments, what is the remaining balance on the loan?

Part 2

The remaining balance on the loan is

$enter your response here.

(Round to the nearest cent.)

Part 3

b. If the interest rate increases by

1%,

to

5.3%

APR, compounded monthly, what will be your new payments?The new payment is

$