Question: Tom took out a fully amortizing, 7 / 1 hybrid, ARM of $ 3 0 0 , 0 0 0 with 1 5 - year

Tom took out a fully amortizing, 7/1 hybrid, ARM of $300,000 with 15-year maturity.
The interest rate is indexed to SOFR and the margin is 1%.
At the time of the loan origination, SOFR was 2%.
At the end of the 7th year, the SOFR was 5%.
For the 90th month, Toms monthly payment equals

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