Five years ago Liliana took out a 30 year 5/1 Hybrid ARM loan with monthly payments. The initial rate on this loan is 3% and it resets to LIBOR plus a margin of 160bps. Suppose the remaining balance after five years of payments is $228275 and the LIBOR rate at the first reset is 3%. What will be Liliana's new monthly payment during 6th year of the loan? Express your answer as a number rounded to the nearest cent (e.g. if you find that the payment is $600.0697, then write 600.07 )