You have taken out a $6,500,000, 5/1 ARM. The teaser rate for the first five years is 5.125% (annual). The index interest rate after the first five years is expected to be 3.00% and the margin is 4.00%. (Note: The term on this ARM is 30 years). There is also a periodic (annual) rate cap of 2.50%. Given this information, determine the monthly mortgage payment you would be scheduled to make in the sixth year of the mortgage loan's term.

In excel