3 James Kinchen has a 1-yeat ARM for $180,000 over a 25-year term. The margin is 2% and the index rate starts out at 2.1% and increases to 5,0% at the first adjustment. The balance of principal at the end of the first year is $178,253.79. The ARM includes a periodic rate cap of 2% per adjustment period. What is the monthly payment adjustment at the end of the first year? The monthly payment adjustment at the end of the first year is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to the nearest cont as needed)