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1 5 - Angelica wants to take out a $ 3 9 0 1 Adjustable Rate Mortgage. She is offered a 3 0 year, 3

15-Angelica wants to take out a $3901 Adjustable Rate Mortgage. She is offered a 30 year, 3/1 ARM with an initial teaser rate of 2.6%. The reset margin on the loan is 300 basis points above 1 year CMT. What will be Angelica's monthly mortgage payments during the first three years with this mortgage? State your answer as a number rounded to two decimal points (e.g. if the answer is $2345.123, write 2345.12)

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