QUESTION 7 You qualify for an $800,000 fully amortizing 30-year fixed rate mortgage with monthly payments. If the annual interest rate is 3.63%, compounded monthly, what will the monthly mortgage payment be? $2,420.00 $3,264.16 $3,650.66 $29,040.00 QUESTION 8 A 30-year 1/1 ARM has an initial rate of 1.5%. In the future the rate will reset to 250 basis points above the LIBOR index with no rate caps or floors. At the first reset, the LIBOR is 4%. What is the fully indexed rate at the first reset? O 4% 5.5% 6.5% 8.5%