Question: A basic ARM is made for $350, 000 at an initial interest rate of 6% for 30 years with an annual reset date. The borrower

A basic ARM is made for $350, 000 at an initial interest rate of 6% for 30 years with an annual reset date. The borrower believes that the interest rate at the beginning of year 2 will increase to 8 percent. Assuming that a fully amortizing loan is made. What is the monthly payment during year 2? Please type your answer in the box below (don't include "+/-" sign) and keep no decimals.

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