$10$

$1$ point

For this question, ignore monthly home insurance premiums and property taxes.

The local bank charges a loan origination fee of $1\mathrm{.}5$ points on the mortgage loan balance and requires a down payment of $20\%$ of the home's purchase price to avoid private mortgage insurance $($PMI$).$ Juan needs your help estimating the monthly mortgage payment if he purchases a $$720,000$ home with a $15-$year conventional loan at an annual percentage rate $($APR$)$ of $5\mathrm{.}25\%.$