Kf.

Malika gets a monthly 30 year, 5/1 Adjustable Rate Mortgage for $950,000. The initial teaser rate of 2.75%, the interest then resets to 250 basis points above 1 year CMT. Malika calculates her initial payment to be $3,878.29. What will be her remaining loan balance right before the first interest rate reset (i.e. after she makes 60 payments)? State your answer as a positive number rounded to two decimal points (e.g. if the answer is $2345.123, write 2345.12)