Please use the information in Question 5 to answer this question. You have taken out a...

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Please use the information in Question 5 to answer this question. You have taken out a 1/1 ARM (the teaser rate is locked for 1 year, and after this 1-year initial period, interest rate begins to adjust per year) with the following loan terms: Loan amount: $300,000 Annual rate cap: 2% Lifetime cap: 6% Margin: 300 bps (3%) Teaser rate (annual): 5% Market index rate at the beginning of year 1: 5.5% Market index rate at the beginning of year 2: 6.5% Loan term in years: 30 years Q7: Please calculate the remaining balance at the end of year 1 $280,674.42 $295,573.90 O $335,123.23 O $292,610.00 No answer within +/- $10.0 of the correct one Please use the information in Question 5 to answer this question. You have taken out a 1/1 ARM (the teaser rate is locked for 1 year, and after this 1-year initial period, interest rate begins to adjust per year) with the following loan terms: Loan amount: $300,000 Annual rate cap: 2% Lifetime cap: 6% Margin: 300 bps (3%) Teaser rate (annual): 5% Market index rate at the beginning of year 1: 5.5% Market index rate at the beginning of year 2: 6.5% Loan term in years: 30 years Q7: Please calculate the remaining balance at the end of year 1 $280,674.42 $295,573.90 O $335,123.23 O $292,610.00 No answer within +/- $10.0 of the correct one