Indeed - Internet Transit at scale (10 Gigabit+ ports) goes for around $0.63/Mbps at 95th percentile. [1] - for the above quoted 700 Terabytes/month, that works out to $1341/month, if it's evenly spread out on the lower 95th percent of the circuit at around 2.129 Gigabits/second.

[1] http://drpeering.net/white-papers/Internet-Transit-Pricing-H...