You are thinking of purchasing a house. The house costs $$300,000.$ You have $$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 MONTHLY $($not annual$)$ payments and has an interest rate of $12\%$ per year. What will be your monthly payment if you sign this mortgage?

The monthly $($not annual$)$ payment will be $ $($Round to the nearest cent.$)$