Melanie and Stephen Jackson are purchasing their first house. The house costs $440,000.

Melanie and Stephen Jackson are purchasing their first house. The house costs $440,000. They have put a 10% down payment (that is, an amount that banks should require you to pay out-of-pocket), but will therefore finance the rest. They are considering a fixed rate 30-year mortgage at a 7.00% APR with monthly payments. How much will the Jacksons’ first monthly payment be?