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 $300,000 for a term of 30 years, with interest at the rate of 7%/ year compounded monthly, Currently, the interest rate for his ARM is 3.5% /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.)