You purchased a house for $650,000 with a 20% down payment, thereby financing a 30-year conventional mortgage* of $520,000. For a 5-year fixed term with an interest rate of 7.5%. Assuming that you can keep that interest rate consistent for each 5-year term at that fixed rate of 7.5% throughout the entire duration of the mortgage. What is your monthly payment?

*A conventional loan informs us it compounds monthly.

Please include a brief explanation of how you solved this problem. You should include the mathematical model you used. Please avoid rounding error!