An old couple wants to supplement their monthly income by taking a Reverse Mortgage on their home appraised at $ 375,000. A bank has agreed to a reverse mortgage over a period of 20 years at a fixed Reversed Mortgage Rate of 5.5%. The monthly payment that the old couple would get is:

Note: Use the FV of the Loan at the end 20 years = 80% of the appraised value of $ 375,000.,