Tom wishes to purchase a property that has been valued at

$

$300$

$,$

$000$

$.$ He has

$25$

$\%$

of this amount available as a cash deposit, and will require a mortgage for the remaining amount. The bank offers him a

$25$

$-$year mortgage at

$2$

$\%$

interest. Calculate his monthly payments.

Round your answer to the nearest cent.

Do NOT round until you have calculated the final answer.