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A borrower obtains an Interest - Only ( IO ) 2 6 4 2 mortgage as a 3 0 - year, monthly payment, fixed rate

A borrower obtains an Interest-Only (IO)2642 mortgage as a 30-year, monthly payment, fixed rate loan and with 3% interest. What is their regularly scheduled monthly payment? Write the answer as a number rounded to two decimals (e.g. if you get $50.66666, write 50.67).
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