is a Latin first name (and a word) from the Greek áãÜðç (agapi, with EE sound and the second syllable stressed: ah-GAH-pee).
In Latin the pronunciation is ah-GAH-peh, not pey. In some romance languages the word is pronounced with the first syllable stressed: AH-gah-peh. In English, it is possible to pronounce with the first or the second syllable stressed (http://www.m-w.com/cgi-bin/dictionary?book=Dictionary&va=agape
But, regarding the wovel sound, the Spanish pronunciation of the wovels is as Latin pronunciation (the Catalan pronunciation is different, f. e.). For this, Magia's explanation about PEH and not PEY is completely correct.
And the Greek pronunciation could be ah-GAH-pee, not ah-GAH-pey.