Question $18$

A homebuyer wishes to take out a mortgage of $$500,000$ for a $30-$year period. What monthly payment is required if the interest rate is $7\%?$ What is the total amount paid during the term of the loan? Carry out all calculations exactly and round the final answers only.

Carry out all calculations exactly and round the final answer for the monthly payment to two decimal places and the final answer for the total amount paid to the nearest integer.