Question 19 An ARM for $500,000 is made with an initial interest rate of 3% for the first year. The index interest rate in year 2 is 4% while the margin is 2%. There is also a periodic annual cap rate of 2%. The mortgage is fully amortizing, has a maturity of 30 years, and payments will be made monthly. Calculate the mortgage payment in year 2. $2,108.02 $2,667.42 $3,645.14 5 pts $2,971.66