Suppose you are looking to buy a house. The house you liked has a sale price of $220,000. You saved enough money to put a downpayment of $20,000 and are planning to borrow the other $200,000. Your bank pre-qualified you for a 30-year loan and is willing to lend you the $200,000 needed at an interest rate of 4.5% APR. Knowing that mortgage payments accrue interest on a monthly basis and are due at the end of each month, calculate your monthly mortgage payment on this loan.