A Moving to another question will save this response. Question 12 of 31 10 points Save Answer A borrower takes out a 30-year adjustable rate mortgage loan for $275,000 with monthly payments (no fees). The first year of the loan has a "teaser" rate of 2.2%. After that, the rate can reset each year with a 2% maximum rate adjustment "cap". At the end of Year 1, interest rates go way up-to 9%. What would the Year 2 monthly payment be? (Hint: Multiple steps) (Ch 5) $931 $1,335 b. $1,066 C. $1,504 d