You have taken out a $688,177 unrestricted ARM. The loan rate is set by the 1 Year T-Bill plus a margin of 2.34%. At initiation, the 1 year T-Bill is yielding 3.72%. On the FIRST reset date, the 1 year T-Bill is yielding 4.94%. On the SECOND reset date, the 1 year T-Bill is yielding 6.95%. Calculate the payment that applies on the SECOND reset date. Note, the full term of this mortgage is 29 years.