12)

Regina gets a monthly 30 year, 7/1 Adjustable Rate Mortgage for $900,000. The initial teaser rate of 2.75%, the interest then resets to 250 basis points above 1 year CMT. Right before the rate resets at the beginning of year 8, Regina's remaining balance is $750,899.10. The 1 year CMT at the time of reset if 2.38%. What will be Regina's new monthly payment in year 8? (e.g. if the answer is $2345.123, write 2345.12)