An ARM is made for $300,000 for 30 years. The start interest rate is 5% and the borrower will make monthly interest-only payments for the first three years. Payments thereafter must be sufficient to fully amortize the loan at maturity. At the beginning of year 4, if the interest rate increases to 8%, what will the monthly payments be in year 4 then? Please type your answer in the box below (don't include "+/-" sign) and keep TWO decimals