How to unit test a FormControl in Angular2

My method under test is the following:

/**
   * Update properties when the applicant changes the payment term value.
   * @return {Mixed} - Either an Array where the first index is a boolean indicating
   *    that selectedPaymentTerm was set, and the second index indicates whether
   *    displayProductValues was called. Or a plain boolean indicating that there was an 
   *    error.
   */
  onPaymentTermChange() {
    this.paymentTerm.valueChanges.subscribe(
      (value) => {
        this.selectedPaymentTerm = value;
        let returnValue = [];
        returnValue.push(true);
        if (this.paymentFrequencyAndRebate) { 
          returnValue.push(true);
          this.displayProductValues();
        } else {
          returnValue.push(false);
        }
        return returnValue;
      },
      (error) => {
        console.warn(error);
        return false;
      }
    )
  }

As you can see paymentTerm is a form control that returns an Observable, which is then subscribed and the return value is checked.

I can't seem to find any documentation on unit testing a FormControl. The closest I have come is this article about Mocking Http requests, which is a similar concept as they are returning Observables but I don't think it applies fully.

For reference I am using Angular RC5, running tests with Karma and the framework is Jasmine.