You are interested in purchasing a house that has a market value of $300,000. You have $60,000 available, so you only need to borrow $240,000 from a bank, in the form of a mortgage. The mortgage involves equal monthly payments, to be paid at the end of each month, for a 25-year period at an interest rate of 1.65% per year compounded monthly. How much do you have to pay monthly? Show your calculation.