Question 11 (1 point) You have taken out a $400,000, 5/1 ARM with monthly payments. The initial rate of 4.8% (annual) is locked in for five years. The interest rate after the initial lock period (including index and margin) is 6.0% (note: the term on this 5/1 ARM is 30 years.) What is the monthly payment after recasting the loan (i.e., after the reset in the sixth year?) Hint...while this question seems advanced, you should be able to find the balance at the beginning of year 6 (the new PV when the new loan interest rate takes place.) After that, you have all the information to recalculate payment...keeping in mind there are no longer 30 years left on the loan. Enter the answer below as a positive number, no dollar sign, and two decimal places. Your