basic ARM is made for $$220,000$ at an initial interest rate of $6$ percent for $30$ years with an annual resetdate. The borrower believes that the interest rate at the beginning of year $($BOY$)2$ 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 monthlypayments 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?