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You are in the process of buying your first home and will need a $250,000 mortgage (loan) from the bank to help finance the purchase.

You are in the process of buying your first home and will need a $250,000 mortgage (loan) from the bank to help finance the purchase. If the bank is charging a 6% fixed annual interest rate over a 30 year term, what will be your monthly payment?

Round your answer to the nearest dollar.

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