Two-step mortgage loans frequently are 5/25 or 7/23 (the same interest rate and monthly payment for the first five or seven years of a 30-year amortization period, followed by year-to-year changes based on each years new market interest rate). Lets pretend we are borrowing $290,000 on a 6/24 plan (not commonly seen but certainly not inappropriate); the monthly payments will remain the same for all of years 1-6, based on a 5.16% stated APR interest rate, and then year 7s monthly payment will be computed based on a new, higher predicted 6.12% APR. Compute the monthly payment that applies to years 1 6, and the expected monthly payment for year 7.