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The problem in the image asks for the calculation of a monthly mortgage payment given:

- **Principal**: $375,000
- **Annual interest rate**: 3%
- **Term**: 25 years

This is a typical mortgage calculation. The formula to find the monthly mortgage payment $ M $ is:

\[
M = P \times \frac{r(1+r)^n}{(1+r)^n - 1}
\]

Where:
- $ P $ is the loan principal ($375,000),
- $ r $ is the monthly interest rate (annual interest rate divided by 12),
- $ n $ is the total number of payments (loan term in years multiplied by 12).

Let's calculate the monthly payment now.The monthly mortgage payment is approximately **$1,778.29**.

Would you like more details or further clarification on this calculation? 

Here are some related questions you might find useful:
1. How do changes in the interest rate affect the monthly payment?
2. What is the total interest paid over the life of this mortgage?
3. How does the loan term impact the monthly payment?
4. What happens if you make extra payments on the mortgage?
5. How is the amortization schedule for a mortgage structured?

**Tip**: Even a small increase in the interest rate can significantly raise your monthly payment over a long mortgage term.

You wish to take out a $375,000 mortgage. The yearly interest rate on the loan is 3% and the loan is for 25 years. Calculate your monthly payment. Round your answer to the nearest cent.

Learn how to calculate the monthly mortgage payment for a $375,000 loan with a 3% annual interest rate over 25 years. This guide walks through the formula, including breaking down the interest rate and loan term.

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