Could you please solve: Use the formula or a calculator application to find the monthly payment on a home mortgage of
$285230.00 at 4.896% interest for 25 years.
**The formula-The monthly payment for the monthly rate R, the number of months N, and the loan principal P is given by the following formula.
M=P{ R/1-(1+R) -N}
First find the monthly rate R by dividing the annual interest rate by 12.
Next find the total number of payments, N. Multiply the number of years by 12.
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