James Kinchen has a 1-year ARM for $50,816 over a 25-year term. The margin is 2% and the index rate $49,652.43 The ARM includes a periodic ra (a) The interest owed is $ (Simplify your answer. Do not round until the final answer. Then round to the nearest cent as needed ) (b) The monthly payment due for the first month of the first year is Simplify your answer. Do not round until the final answer. Then round to the nearest cent as needed.) te cap of 2% per adjustment period. Find (a) the interest owe