Question: Five years ago, you took out a 5 / 1 adjustable rate mortgage and the 5 - year fixed rate period has just expired. The

Five years ago, you took out a5/1 adjustable rate mortgage and the 5-year fixed rate period has just expired. The loan was originally for $303 comma 000 with 360 payments at 4.2%APR, compounded monthly.
a. Now that you have made 60payments, what is the remaining balance on the loan?
b. If the interest rate increases by 1.1%, to 5.3%APR, compounded monthly, what will be your new payments?

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