A $30-$year, one$-$year adjustable monthly payment ARM has the following characteristics: loan amount $=$ $$275,000,$ index value at time $0=5\mathrm{.}25\%,$ margin $=2\mathrm{.}50,$ discount points $=$

$2\mathrm{.}5,$ teaser rate $=5\mathrm{.}50\%.$ What is the payment for year one?

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