Question 34 (4 points) You take a 30-year mortgage for $320,000 at 6% per year. Your monthly payment is $1,918.56. What is your outstanding loan balance at the end of year 7? $158,841 $286,846 $131,331 $306,570 Question 35 (4 points) You take a 3/1 interest-only ARM for $100,000, monthly payments, 30-year term. The initial interest rate is 6% for the first 3 years. What is your monthly payment for the first 3 years? $500 $599.55 $832.60 $715.25