You borrowed $384,000 with a 30-year, fully amortized, adjustable-rate mortgage 1 year ago. The payment on the mortgage resets every year and the loan features interest rate caps of 1% annually and 5% lifetime. The original index rate was 2% and the margin is 1% and the initial rate on the loan is 1%. What is the new payment on the loan assuming that the index increases to 3%.