You just obtained a $375,000 adjustable rate mortgage (ARM) with 30 year amortization and a 3 year reset period. Your starting interest rate for the loan is 2.5% and you believe that your rate in 3 years will rise to 3.50%. If you are correct, what will be your new mortgage payment at the start of the 4th year (i.e., right after the reset period)? Note that even under the new interest rate, the loan would still be repaid within the original 30 year timeframe."

		"a. $1,378"
		"b. $1,482"
		"c. $1,666"
		"d. $1,566"