A borrower takes out a $5/1$ Hybrid ARM for $$600,000$ with an initial contract interest rate of $5\mathrm{.}5\%.$ The interest rate will adjust according to the $1-$year LIBOR rate, plus a margin of $2\%.$ At the first reset date, $1-$year LIBOR is at $5\mathrm{.}5\%.$ What will the borrowers$$ monthly payment be immediately after the first reset? $($State the payment as a positive number. Unless otherwise stated, you can assume $5/1$ ARMs have a term of $30$ years. Round your answer to $2$ decimal places.$)$

$($Please solve using a formula or a calculator not excel. Thank you$)$