In a 2/28 "hybrid" adjustable-rate mortgage (ARM), the initial interest rate is fixed for 2 years and then is adjusted every 6 months. (You usually pay "points" up front at closing in exchange for the "rate lock" for the first 2 years.) Suppose you buy a house with a $150,000 mortgage, with a 2/28 ARM with initial rate of 3%; and suppose that 2 years later, the interest rate goes up to 5%. (Round your answers to two decimal places.)

(a)

What was your payment originally, at 3%?

(b)

What is your new payment? (Hint: The amount of the loan is no longer $200,000, and you have only 28 years to pay it off.)

Please answer this question without the use of CHat gpt and give EXACT answers, this is through Cengage which needs EXACT and correct answers to get a check mark