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Five years ago, a borrower took out 5/1 ARM in the amount of $300,000. With the...

Five years ago, a borrower took out 5/1 ARM in the amount of $300,000. With the start rate on the loan at 4%, the principal and interest payment has been $1,432.25. It’s time for the first interest rate adjustment. Based on the current index rate and the terms of the promissory note, you determine that the borrower's new rate will be 6%. The current principal balance on the loan is $271,342. First, calculate the amount of the new payment that will fully amortize the current balance over the remaining 25 years (300 payments) of the term at the new rate of 6%. Next, determine how much the payment will increase compared with the original payment and report that value below. To be clear, I want the amount of the payment increase, not the amount of the payment. (Input your answer rounded to the nearest whole dollar and without the $ sign, e.g., 100)

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SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

AS NOTHING WAS MENTIONED, EXCEL IS USED. NEED HELP WITH FORMULA OR FINANCIAL CALCULATOR, LET ME KNOW. PV, FV, ANNUITY (Autosaved) - Microsoft Excel (Product Activation Failed) Review View Add-Ins File Home Insert Page Layout Fo

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