Peifan is taking an Interest Only loan to purchase a $514,776 property with 0.9 LTV. The loan is issued for 15 years with monthly payments and has a fixed interest rate at 3%. Under this mortgage contract, what will be Peifan's payment in the first month of the loan? State your answer as a number rounded to the nearest cent (e.g. if your answer is $1,000.568, write 1000.57).