An Adjustable Rate Mortgage (ARM) for $150,000 is made at a time when the expected start rate is 8%. At the end of the each year interest rate will be reset. The loan is fully amortizing, has a maturity of 20 years and payments will be made monthly. Assuming that the interest rate is 6% at the beginning of year 2, what will be the monthly payments during the second year? (Answer is rounded)