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You have taken out a $460,751 7/1 ARM. The teaser rate is 2.50% APR. The loan rate is set by the 1 Year T-Bill plus

You have taken out a $460,751 7/1 ARM. The teaser rate is 2.50% APR. The loan rate is set by the 1 Year T-Bill plus a margin of 1.91%. Calculate the payment after the first reset date, assuming the new T-bill rate on the first reset date is 3.85%. Note, the full term of this mortgage is 27 years.

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