## Math Problem Statement

An orthodontist obtains a 30-year home loan for $515,000 at an annual interest rate of 4.175% compounded monthly. Find the monthly mortgage payment (in dollars). (Round your answer to the nearest cent.)

## Solution

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## Math Problem Analysis

### Mathematical Concepts

Finance

Loans

Compound Interest

Algebra

### Formulas

M = \frac{P \cdot r \cdot (1 + r)^n}{(1 + r)^n - 1}

### Theorems

Fixed-rate mortgage formula

### Suitable Grade Level

College-level or Financial Math

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