Consider that you need to finance the purchase of a house. The purchase of the house is $400,000 and you will require 78% financing. The loan term is 28 years and the terms of the contract require monthly end of period payments (including interest and principle). The current variable rate offered by your bank is 6% per annum compounded monthly. Calculate the monthly mortgage payment.

Please provide your answer to the nearest cent, without the unit of dollar sign (e.g., 1001.15).

Answer: