A $3/1$ ARM is made for $$250,000$ at $7$ percent with a $30-$year maturity. Fixed payments are to be made monthly for three years, after which the interest rate will reset. What would new payments be beginning in year $4$ if the interest rate fell to $6$ percent and the loan continued to be fully amortizing? Refer to the original question $(1,2),$ assuming the INTEREST RATE CAP of $2\%,$ what would new payments be beginning in year $4$ if the interest rate instead rose to $10\%?$ Hint: the capped rate does not allow the new rate to go above certain point. Using $(4),$ what will be the loan balance after four years? Hint: Look at slide#$29$ practice question#$2$ on the PPT lesson and the practice set if this is confusing. Refer to the original question $(1,2),$ assuming the PAYMENT CAP of $15\%,$ what would new payments be beginning in year $4$ if the interest rate rose to $10\%?$ Hint: unrestricted payment vs$.$ capped payment. Using $(6),$ what will be the loan balance after four years? Refer to the original question, what would monthly payments be during year $1$ if they were interest only? Using $(8),$ what would payments be beginning in year $4$ if interest rates fell to $6$ percent and the loan became fully amortizing?