Assume a bank originates a pool of short-term real estate loans worth $27 million with maturities of 3 years and with annual interest payments of 6.5 percent and return of principal at maturity. If the loans are converted to pass-through securities and the bank charges 45 basis points servicing fee per year, what is the payment expected by the holders of the securities at the end of the first year if 14% of the mortgages are expected to be prepaid?