Welcome O pts Question 2 Klaus enters into an Adjustable Rate Mortgage (ARM) with the following details: 10/1 ARM Monthly payments Initial Interest Rate (convertible monthly): 2.500% Loan Amount: $750,000 Term: 30 yrs Time Initial Rate and Payment is in effect: 10 yrs Initial payment is calculated assuming the initial interest rate for the entire term of the loan Time Adjusted Rate and Payment is in effect: Months 121 - 360 Projected Adjusted Interest Rate (Months 121 - 360): 2.625% a.) Calculate the adjusted payment amount. b.) Calculate the projected total amount of interest paid on the loan