[The information presented here applies to questions 1 & 2] You borrowed the $265,000 needed to acquire your new condo in Jersey City with a 3/1 ARM. The rate on the loan is determined by the yield on a Cost of Funds Index (COFI) plus a margin of 325 basis points (3.25%). If the COFI index was at 1% at the time you received the loan, what was your scheduled monthly payment for the first three years? At the first reset date, the COFI is 1.25%, what is your scheduled monthly payment for the fourth year of your loan? 30 yr loan

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