Q.928 Boris Arkarov is a Russian real estate investor based in California. He has been investing in the real estate sector of California for the past 20 years and is famous for selling some luxurious villas to well-known Hollywood celebrities. In a magazine interview, Mr. Arkarov expressed that he wants to borrow to finance his personal residential estate in the suburbs of L.A that costs $10.5 million. If the loan-to-value ratio is 78%, calculate the amount of monthly payment that Mr. Arkarov has to pay on a 20-year mortgage at the rate of 9%.