Harry and Megan are planning on selling their family home, which they own (valued at $500,000) and moving to a more expensive area where they will need to pay around $1,000,000 for their new residence. If they borrow the difference from their bank at 4.5% pa with a term of 25 years, how much (to the nearest $50) will their monthly repayments be (assuming monthly compounding)?

Group of answer choices

$2,780

$1,760

$1,670

$2,810