Suppose you are considering an ARM with the following characteristics:

Mortgage Amount $=$ $$350,000$ Initial Contract Rate $=5\mathrm{.}50\%$

Interest Rate Caps $=2/6$ Margin $=2\mathrm{.}50$

Index $=1-$year TB Yield with a value at the outset of $5\mathrm{.}25\%$

Index value at the end of year one and constant for the remaining term $=6\mathrm{.}50\%$

Discount Points $=2$ Term $=30$ years

Monthly Payments

What is the APR for this loan?