The amount Alex and Morgan plan to spend on an apartment is $900,000. They are able to make a $100,000 down payment because they have carefully saved up. They have made contact with XYZ Bank, where they can get a fixed mortgage with an APR of 5.00% and a term of five years. Together, their yearly income is $100,000. They plan to pay $10,200 in other annual debt payments, $900 in heating costs, and $1,000 in property taxes. What would the monthly mortgage payment be if there was a 25-year amortisation period?

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