Compute the payment for year 2 for the following adjustable rate mortgage. The loan has an annual adjustment period, is indexed to the one-year Treasury Bill, and carries a margin of 2%. The original composite rate was not a teaser and was equal to 4%. The one-year T-bill rate decreased 0.5% at the start of year 2. The loan was 80% loan-to-value on a property worth $220,000, and it was fully amortizing over a term of 30 years.