Nancy takes out a 31-year loan of $700,000 today. The bank charges interest at 3.9% p.a. compounded monthly. Nancy makes equal month-end payments starting in one month's time. Calculate how much Nancy should repay each month. Round your answer to the nearest cent. Do not include $. Do not use comma separators. For example, 1234.56 would be the correct format. The monthly repayment is $