Calculate the monthly payment on Fixed-rate Mortgage Option loan

You have just secured your first job since you graduated from UQ Business School 3 months ago. The housing market is pretty good and you decide to jump in now. Since you are a fresh graduate, you do not want to spend too much on your first property. You have you eyes on a one-bedroom apartment in Brisbane, priced approximately $475,000. Your training at UQBS has prepared you well for life after graduation and you are going to use your knowledge from FINM2401 Financial Management to assess different finance options as shown in below: ABC Bank offers a mortgage with a down payment of $95,000 (paid on the day of purchase of the apartment) and the balance is financed by a 5% p.a. fixed interest (compounded monthly) home loan with a term of 30 years with monthly payments (first payment paid one month after you buy your apartment). This offer includes $3,000 in loan set up fees that must be paid in cash on the date of purchase