Derek and Claire plan take out a loan to purchase a new home. They take out a 30-year loan at 9% interest per year compounded monthly. The new home is cost $107,000 and they plan to make a $10,000 down payment, what is their monthly payment on this 30 year loan? (Round to the dollar and do not include the $ sign in your answer just give the number only) Derek and Claire plan take out a loan to purchase a new home. They take out a 30-year loan at 9% interest per year compounded monthly. The new home is cost $107,000 and they plan to make a $10,000 down payment, what is their monthly payment on this 30 year loan? (Round to the dollar and do not include the $ sign in your answer just give the number only)