(10 marks) The contractor working on the dam site has taken out a loan of $325000 in order to buy a scraper. The bank is lending him the money to be repaid over 7 years at a fixed interest rate of 7%. The contractor will be making monthly repayments to the Bank and interest on the loan will be compounded monthly. How much will he have to pay each month to clear his debt after 7 years? (Round your answer to the nearest whole number, I.e. $156.874 = $157. Do not include the $ sign or any spaces or commas.)