You are thinking of purchasing a house. The house costs $450,000. You have $40,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 20 -year mortgage that requires annual payments and has an interest rate of 5% per year. What will your annual payment be if you sign up for this mortgage? The annual payment is $ (Round to the nearest cent.)