$7.($Q$)$ A borrower is offered a $30$ year, fully amortizing ARM with an initial rate of $5\%.$ After the first year, the interest rate will adjust each year, using $1$ year LIBOR as the index, plus a margin of $1\mathrm{.}75\%($also known as $175$ basis points$[$bp$]).$ The price of the property is $$8,000,000$ and the loan will have an initial LTV ratio of $75\%$ At the first reset date, $1$ year LIBOR is at $6\%.$ What is the borrower$$s payment during the $2$nd year of the loan?