the bhatts purchased a new home for 235,000 with a down payment of 42,000. they obtained a 20 year adjustable rate mortgage with the following terms. the interest rate is based on the one year treasury bill rate, which is currenrly at 1.5%, and the add on rate, which is 1.5%. the initial rate period is 5 years, and thereafter the interest rate is adjusted once a ywar and a new montj mortgage payment is calculated

a) the bhatts initial ARM rate is ? %

b) the initial monthly payment for principal and interest is $

c) the bhatts new ARM after the 5-year initial rate period is %