$($Q$)$ A borrower takes out a $\frac{5}{1}$ Hybrid ARM for $$600,000$ with an initial contract interest

rate of $5\mathrm{.}5\%.$ The interest rate will adjust according to the $1-$year LIBOR rate, plus a

margin of $2\%.$ At the first reset date, $1-$year LIBOR is at $5\mathrm{.}5\%.$ What will the borrowers'

monthly payment be immediately after the first reset? $($State the payment as a positive

number. Unless otherwise stated, you can assume $5/1$ ARMs have a term of $30$ years.

Round your answer to $2$ decimal places.$)$Please show all steps.