You are thinking of purchasing a house that costs $$855,000.$ You have $$35,000$ in cash that you can use as a

down payment, but you need to borrow the rest of the purchase price. Assume there are no closing costs. The

bank is offering a $30-$year mortgage that requires monthly payments and has an annual interest rate of $6\mathrm{.}50\%$

per year.

$-$ What will your monthly payments be if you sign up for this mortgage