10. [-12 Points] DETAILS TANAPMATH6 4.3.046. MY NOTES Olivia plans to secure a 5-year balloon mortgage of $240,000 toward the purchase of a condominium. Her monthly payment for the 5 years is calculated on the basis of a 30-year conventional mortgage at the rate of 6.5%/year compounded monthly. At the end of the 5 years, Olivia is required to pay the balance owed (the "balloon" payment). What will be her monthly payment, and what will be her balloon payment? (Round your answers to the nearest cent.) monthly payment $ balloon payment $ Need Help? Talk to a Tutor DETAILS 11. [-/1 Points] MY NOTES TANAPMATH6 4.3.052. George secured an adjustable-rate mortgage (ARM) loan to help finance the purchase of his home 5 years ago. The amount of the loan was $350,000 for a term of 30 years, with interest at the rate of year compounded monthly. Currently, the interest rate for his ARM is 5.5%/year compounded monthly, and George's monthly payments are due to be reset. What will be the new monthly payment? (Round your answer to the nearest cent.) $ per month Need Help? Talk to Tutor