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Aica wants to take out an Adjustable Rate Mortgage for a $4973 mortgage. She is offered a 30-year, 3/1 ARM with an initial teaser rate

Aica wants to take out an Adjustable Rate Mortgage for a $4973 mortgage. She is offered a 30-year, 3/1 ARM with an initial teaser rate of 5.9%. 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

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