Henry secures a $360,000 3/1 ARM loan at an initial interest rate of 3.075%. His monthly payment
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Henry secures a $360,000 3/1 ARM loan at an initial interest rate of 3.075%. His monthly payment is $1,532.38. After 3 years, the interest rate on Henry's loan changes to 3.75%. Calculate his new monthly payment (in dollars).
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