$($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 $\frac{5}{1}$ ARMs have a term of $30$ years. Round your answer to $2$ decimal

places.$)$ ANSWER USING FINANCIAL CALCULATOR!