Daniel and Jan agreed to pay $$560,000$ for a four$-$bedroom colonial home in Waltham, Massachusetts, with a $$60,000$ down payment. They have a $25-$year mortgage at a fixed rate of $638\%.($Use the Table $15\mathrm{.}1.)$

How much is their monthly payment?

Note: Do not round intermediate calculations. Round your answer to the nearest cent.

After the first payment, what would be the balance of the principal?

Note: Do not round intermediate calculations. Round your answers to the nearest cent.