You have decided to buy a $350,000 house. The bank will finance 80% of the price. You take a 10 -year 2/1 adjustable rate mortgage (ARM), which carries a 1.00% fixed rate for the first year and 1 year LIBOR+2% afterwards. Question: How much are your new monthly payments( after the first year) if the LIBOR is 3% ? Nore: ro receive partial credit you need to show your work You have decided to buy a $350,000 house. The bank will finance 80% of the price. You take a 10 -year 2/1 adjustable rate mortgage (ARM), which carries a 1.00% fixed rate for the first year and 1 year LIBOR+2% afterwards. Question: How much are your new monthly payments( after the first year) if the LIBOR is 3% ? Nore: ro receive partial credit you need to show your work