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George secured an adjustable-rate mortgage (ARM) loan to help finance the purchase of his home 5 years ago. The amount of the loan was $200,000

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George secured an adjustable-rate mortgage (ARM) loan to help finance the purchase of his home 5 years ago. The amount of the loan was $200,000 for a term of 30 years, with interest at the rate of 6%/year compounded monthly. Currently, the interest rate for his ARM is 2.5%/year compounded monthly, and George's monthly payments are due to be reset. What will be the new monthly payment? (Round your answer to the nearest cent.) $ 1562 54 X

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