You have taken out a $350,000, 3/1 ARM. The initial contract rate is 6.0% (annual), which will remain fixed for 3 years. Payments will be made monthly. The loan will be amortized over 30 years. Assume the interest rate on the loan (index plus margin) will increase to 6.5% at the beginning of year 4. What will be the monthly payment in year 4? $2,098.43 $2.212.24 O None of the selections is correct $2,125.61 $2,204.59