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A couple has just purchased a home for $387,400.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has

A couple has just purchased a home for $387,400.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 5.16% APR with monthly compounding. The mortgage has a term of 30 years. What is the monthly payment on the loan?

Answer format: Currency: Round to: 2 decimal places.

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