George secured an adjustable rate mortgage ARM loan to help

Last updated: 5/3/2023

George secured an adjustable rate mortgage ARM loan to help finance the purchase of his home 5 years ago The amount of the loan was 400 000 for a term of 30 years with interest at the rate of 9 year compounded monthly Currently the interest rate for his ARM is 2 5 year compounded monthly and George s monthly payments are due to be reset What will be the new monthly payment Round your answer to the nearest cent