Billy Bob and family are planning on purchasing a house for $889,000 using a 30 year fixed-rate mortgage from their local credit union. ?The mortgage rate offered to Billy Bob is 6.09%. ?Billy Bob will make a down payment of 20% of the purchase price to avoid PMI. ?What will be Billy Bob's monthly payment for principal and interest, excluding the escrow for taxes and insurance? ?(Answer in $s to the nearest penny, format xxx.xx with no $ sign needed.)
$4,305.24 Monthly payment
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