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Jerry bought a house for $250,000 and made a $50,000 down payment. He obtained a 30-year loan for the remaining amount. Payments were made monthly.

Jerry bought a house for $250,000 and made a $50,000 down payment. He obtained a 30-year loan for the remaining amount. Payments were made monthly. The nominal annual interest rate was 5%. What was his monthly loan payment?

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