George secured an adjustable$-$rate mortgage $($ARM$)$ loan to help finance the purchase of his home $5$ years ago. The amount of the loan was $$400,000$ for a term of $30$ years, with interest at the rate of $7\%/$year compounded monthly. Currently, the interest rate for his ARM is $2\mathrm{.}5\%/$year compounded monthly, and George's monthly payments are due to be reset. What will be the new monthly payment? $($Round your answer to the nearest cent.$)$

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