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Chapter 5 Financial Planning Exercise 11 Conventional vs. ARM mortgage payments Use Exhibit 5.9. What would the monthly payments be on a $50,000 loan if the mortgage were set up as: a. A 15-year, 9.5 percent fixed-rate loan? Round the answer to the nearest cent. $ 398.97 X per month b. A 30-year adjustable-rate mortgage (ARM) in which the lender adds a margin of 2.0 to the index rate, which now stands at 7.5 percent? Find the monthly mortgage payments for the first year only. Round the answer to the nearest cent. $ 398.97 X per month Feedback Check My Work Incorrect