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You purchase a home for $390,000, by making a down payment of 18% and financing the remaining amount with a 30-year mortgage. Your mortgage has

You purchase a home for $390,000, by making a down payment of 18% and financing the remaining amount with a 30-year mortgage. Your mortgage has an annual percentage rate of 7.4%, compounded monthly. Determine your monthly mortgage payment (in dollars). (Round your answer to the nearest cent.)

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