Sally and Jac are university sweethearts and both have been working full$-$time for a few

years after graduating. They have become interested in purchasing a small piece of land

to restore and a small house to live in$.$ The cost of the land $($including restoration$)$ and

the house is $$220,000.$ Sally and Jac currently have saved up enough for a $$80,000$

deposit and will borrow the rest. Blue Bank are offering a standard variable home loan at

a rate of $5\mathrm{.}28\%$ APR compounding monthly for a term of $20$ years with monthly

payments. There are no up$-$front or ongoing fees for this loan. What is the monthly

payment on Sally and Jac$$s loan?