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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