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You have taken out a $262,1483/1 ARM. The teaser rate is 2.85% APR. The loan rate is set by the 1 Year T-Bill plus a margin of 2.91% Calculate the payment after the first-reset date, assuming the new T-bill rate on the first reset date is 2.51%. Note, the full term of this mortgage is 26 years. $1,650.61 $1,597.32 $1,226,29 $1,528,34 $1,933,20