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Paul bought an apartment in West Kowloon two years ago with a $50 million adjustable rate mortgage (ARM) loan from a bank for a period of 20 years. "HIBOR + 2 percent" was the mortgage interest rate. Paul was only needed to make monthly "interest-only payments" for the first two years. The HIBOR has not changed since the loan was made and has remained at 1.5 percent for the past two years. Payments will be adjusted after two years to fully amortize the loan at maturity.

Question:

1(a) Calculate the monthly payment for the first two years.

1(b) Calculate loan balance at the end of Year 2.