Shelby and Mark Lawrence were married a year ago and are planning to purchase a condo as their first home together. They need to take out a $$324,000$ mortgage loan to complete the purchase. Their lender has offered a $15-$year loan at an annual rate of $4\mathrm{.}82\%.$

Assuming that the payment is made at the end of each month, calculate the monthly payment for this scenario.

$($Hint: Use Excel's PMT function$)$

Enter the payment amount as a positive value in dollars and cents $($round to two decimal places$).$

Your Answer:

$$

Answer