CMO has been issued with 3 tranches and a residual. At origination:

- Tranche A investors own $5 thousand of principal with a coupon rate of 3.50%.

- Tranche B investors own $9 thousand of principal with a coupon rate of 3.70%.

- Tranche Z investors own $5 thousand of principal with a coupon rate of 4.8%.

- The residual carries $1 thousand and receives all residual payments.

Mortgages backing the security issued are fully amortizing fixed rate with mortgage rate of 4.8% with 30 year maturities and monthly payments. Assume no servicing/guarantee fee and no prepayments.

What is the balance on the Z-tranche at the end of the first month (same as the balance at beginning of the second month)? Round your answers to cents (e.g. if your answer is $560.0444, write 560.04).