Billy Bob and family are planning on purchasing a house for $962,000 using a 30 year fixed-rate mortgage from their local credit union. The mortgage…

Billy Bob and family are planning on purchasing a house for $962,000 using a 30 year fixed-rate mortgage from their local credit union. The mortgage rate offered to Billy Bob is 3.38%. 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? 

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