A CMO has been issued with 3 tranches and a residual. At origination: - Tranche A investors own $48,046,206 of principal with a coupon rate of 3.50%. - Tranche B investors own $8,729,844 of principal with a coupon rate of 3.70%. - Tranche Z investors own $7,446,974 of principal with a coupon rate of 4.50%. The residual carries $1 million and receives all residual payments. Mortgages backing the security issued are fully amortizing fixed rate with mortgage rate of 4.50% with 30 year maturities and monthly payments. Assume no servicing/guarantee fee and no prepayments.

What is balance on tranche B at the end of the first month (same as the balance at beginning of the second month)?