Bank Alpha has given out a pool of mortgages with principal amount of $16 million. These mortgages have an average maturity of 25 years and a monthly mortgage payment of 6 per cent per annum. (Assume no prepayments.)

Calculate the monthly payment that an investor will receive on the pass-through securities issued from this pool of mortgages. Assume that the servicing fees and insurance fees for these pass-through securities are 60 basis points and 50 basis points respectively