A CMO has been issued with3tranches and a residual.At origination:

- Tranche A investors own$107 million of principal with a coupon rate of3.50%.

- Tranche B investors own$27million of principal with a coupon rate of3.70%.

- Tranche Z investors own$9million of principal with a coupon rate of4.50%.

The residual carries$1million and receives all residual payments.Mortgages backing the security issued are fully amortizing fixed ratewith mortgage rateof4.50%with30yearmaturities and monthly payments.Assume no servicing/guarantee fee and no prepayments.

How much cash flow do investors in the Z-tranche receive in the first year?Round your answers to two decimal points(e.g.ifyouransweris$56000.0444,write56000.04)