A borrower takes out a 27 -year adjustable rate mortgage loan for $265316 with monthly payments. The first two years of the loan have a Teaser rate of 4%, after that, the rate can reset with a 2% annual rate cap. On the reset date, the composite rate is 5%. What would the Year 3 monchly payment be? A borrower takes out a 27 -year adjustable rate mortgage loan for $265316 with monthly payments. The first two years of the loan have a Teaser rate of 4%, after that, the rate can reset with a 2% annual rate cap. On the reset date, the composite rate is 5%. What would the Year 3 monchly payment be