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Regina gets a monthly payment 30 year Fully Amortizing, 7/1 Adjustable Rate Mortgage. The initial teaser rate is 2.75%. The interest then resets to 250

Regina gets a monthly payment 30 year Fully Amortizing, 7/1 Adjustable Rate Mortgage. The initial teaser rate is 2.75%. The interest then resets to 250 basis points above 1-year CMT. Right before the rate resets at the beginning of year 8, Regina's remaining balance is $1292. The 1 year CMT at the time of reset is 2%. What will be Regina's new monthly payment in year 8?

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