Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here. For long-term loans, the differences may be pronounced. Several years ago Bill got a home mortgage of $115,000 with a term of 30 years at an APR of 9%. Use the Monthly Payments for Long-Term Loans Rule of Thumb to estimate his monthly payment. $ Compare this estimate with what the monthly payment formula gives. (Round your answer to the nearest integer.)

The actual monthly payment is about $ greater than the estimated payment.