You are considering buying a home with an asking price of $300,000. Since the market is hot, you plan to put in an offer for the full asking price. You also plan to put $60,000 down and finance the remainder. Your bank offers you a 30-year loan at 7.5% APR (compounded monthly). Assume your first payment is made one month from today. Calculate your monthly loan payment. (Round to 2 decimals)