The table shows the specifications of an adjustable rate mortgage (ARM). Assume no caps apply. Find a) the initial monthly payment; b) the monthly payment for the second adjustment; and c) the change in monthly payment at the first adjustment. *The principal balance at the time of the first rate adjustment. . . Beginning Balance $80,000 Term 20 years Initial index rate 7.5% Margin 2.5% Adjustment period 1 year Adjusted index rate 9.0% *Adjusted balance $78,676.18

What is the initial monthly payment? rounded to the nearest cent