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 $ 305,000 with 360 payments at 4.4 % 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 5.4 % APR, compounded monthly, what will be your new payments?

using ti-84 calc