QUESTION 9 Tim wants to buy an apartment that costs $1,500,000 with an 85% LTV mortgage. Tim got a 30 year, 1/1 ARM with an initial teaser rate of 4.875%. The rest margin on the loan is 300 basis points above 1 year CMT. There are nocaps Tim anticipates the index to be 2.50% at the time of the 1st What is Tim's monthly mortage payment going to be during the 13 years