## Math Problem Statement

A hair stylist obtains a home loan for $414,000 at an annual interest rate of 5.75% compounded monthly for 30 years. Find the monthly mortgage payment (in dollars). round to the nearest cent

## Solution

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## Math Problem Analysis

### Mathematical Concepts

Loan Amortization

Interest Rate

Compound Interest

Monthly Payment Calculation

### Formulas

M = P × [r(1 + r)^n] / [(1 + r)^n − 1]

### Theorems

Loan Amortization Formula

Compound Interest Principle

### Suitable Grade Level

Grades 10-12

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