An Adjusted Rate Mortgage (ARM) for $150,000 is made at the time when the expected start rate is 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 are is 7% at the beginning of year 2, what will be the monthly payments during the second year? (Answer is rounded)