Emina took out a 5/1 variable-rate mortgage for $120,000. The interest rate for the first period was fixed at 5.25%, and the loan was amortized over 30 years. At the end of the initial loan period, the interest rate was 6.75%, plus a 1.5% margin. What was Emina's monthly mortgage payment during the initial fixed-rate period? Show your work.
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