After graduating from college and securing your first job in your field of study, you need to purchase a new car. You are looking at a Tesla Model X which is priced at $87500. You are able to make a 1.00% down payment at signing and will finance the remaining balance with a 3 year loan. If the interest rate is 5.25%, what is the monthly payment, assuming you'll make the car payment at the end of every month.