A risk manager is working on assessing the prepayment risk for a portfolio of fixed-rate mortgages and has tasked a junior risk analyst with calculating this risk. As part of the process, the analyst needs to determine the conditional prepayment rate (CPR) for the portfolio by first predicting the monthly prepayments for a single mortgage.

Here is the scenario for the mortgage to be analyzed:

• The mortgage is a 30-year fixed-rate loan initially valued at USD 1,750,000.
• The loan carries an annual fixed interest rate of 8%, with monthly payments.
• In a particular month, the borrower made a total monthly payment of USD 15,950.00.
• At the beginning of that month, the remaining loan balance was USD 1,644,235.78.

Using this information, what is the accurate calculation of the prepayment amount for that month?