Bank Alpha has given out a pool of mortgages with principal amount of $11 million. These mortgages have an average maturity of 27 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