Amount of a mortgage payment: The monthly mortgage payment required to pay off (or amortiz...

Amount of a mortgage payment:

The monthly mortgage payment required to pay off (or amortize) a loan is given by the formula shown, where M is the monthly payment, A is the original amount of the loan, r is the annual interest rate, and n is the term of the loan in months. Find the monthly payment (to the nearest cent) required to purchase a $198,000 home, if the interest rate is 6.5% and the home is financed over 30 yr.