Bank Alpha has given out a pool of mortgages with principal amount of $10 million. These mortgages have an average maturity of 21 years and a monthly mortgage payment of 7 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. Note : Ignore the $ sign and the comma separator when writing your answer eg. $35,250 should be written as 35250.