A basic ARM is made for $211,000 at an initial interest rate of 6 percent for 30 years with an annual reset date. The borrower belleves that the interest rate at the beginning of year (80Y)2 will increase to 7 percent. Required: a. Assuming that a fully amortizing loan is made, what will the monthly payments be during year 1 ? b. Based on (a) what will the loan balance be at the end of year (EOY)1 ? c. Given that the interest rate is expected to be 7 percent at the beginning of year 2 , what will the monthly payments be during year 2 ? d. What will be the loan balance at the EOY 2? e. What would be the monthly payments in year 1 if they are to be interest only? Complete this question by entering your answers in the tabs below. Assuming that a fully amortizing loan is made, what will the monthly payments be during year 1 ? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Assuming that a fully amortizing loan is made, what will the monthly payments be during year 1 ? (Do not ro calculations. Round your final answer to 2 decimal places.) Based on (a) what will the loan balance be at the end of year (EOY) 1 ? (Do not round intermediate calculations, Round your final answer to the nearest dollar amount.) Given that the interest rate is expected to be 7 percent at the beginning of year 2 , what will the monthly payments be durih year 2 ? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) What would be the monthly payments in year 1 if they are to be interest only? (Do not round intermediate calculatior your final answer to 2 decimal places.)