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What is the scheduled P&I payment for the first year of a one-year ARM with an initial principal balance of $175,000, an initial maturity of

What is the scheduled P&I payment for the first year of a one-year ARM with an initial principal balance of $175,000, an initial maturity of 30 years, the one-year LIBOR rate as its index (currently 2.90%), and a fixed spread of 250 bps? If, one year from ow, the one-year LIBOR rate has fallen to 2.30%, what will be the scheduled P&I payment for the second year?

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