You are looking at buying a home with an asking price of $250,000. Since the market is hot, you plan to put in an offer for the full asking price. You also plan to put a $40,000 down payment and finance the remainder. Your bank is offering you a 30-year loan at 4.25% APR (compounded monthly). Assume your first payment is made on month from today, calculate your monthly loan payment. (Enter a positive value and round to 2 decimals)