James Kinchen has a​ 1-year ARM for ​$110 comma 000 over a 30​-year term. The margin is​ 2% and the index rate starts out at 2.6​% and increases to​ 5.0% at the first adjustment. The balance of principal at the end of the first year is ​$107 comma 330.96. The ARM includes a periodic rate cap of​ 2% per adjustment period. What is the monthly payment adjustment at the end of the first​ year?
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Part 1
The monthly payment adjustment at the end of the first year is ​$

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​(Round the final answer to the nearest cent as needed. Round all intermediate values to the nearest cent as​ needed.)