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Yоu hаve tаken оut а $300,000, оne-year ARM. The contract interest rate in the first year is 5.5% (annual). The (annual) index interest rate at the end of the first year (beginning of the second year) is expected to be 4.00% and the (fixed) margin is 2.25%. (Note: The initial term on this ARM loan is 30 years.) There are no interest rate caps. Given this information, determine the monthly mortgage payment you would be scheduled to make in month 13 of the mortgage loan’s term.