The following is the start of the year rate on the 1-year t-bill, commonly used as an index rate on adjustable rate mortgages. The margin on the loan is 2% and the initial loan amount is $300,000 on a 15-year loan. Calculate the monthly payment (P+I) on this loan in the second year. You may use, excel, a financial calculator, or the mathematical equation, but show the steps you took or inputs here for partial credit. Show 2 decimals.

End of Year	1-year t-bill
1	5.50%
2	6.30%
3	7.20%
4	9.75%