On January 1, Year 1, X Company leases some non-specialized equipment to Y Company on a non-cancelable lease. The cost to X of the equipment is $250,000, but it's fair value is $300,000. The lease has a useful life and lease term of 10 years. The implicit rate is 10%, which is also incremental borrowing rate. Payments are due every month, with the first payment due February 1, Year 1. There is no residual value on the lease. Required: What is the amount of the monthly lease payment? (Round the answer to the nearest dollar)