The Wells family is looking to purchase a home in a suburb of Rochester with a 30-year mortgage that has an annual interest rate of 3.6%. The house the family wants to purchase is $152,500 and they will make a $15,250 down payment and borrow the remainder. Use the formula below to determine their monthly payment, to the nearest dollar.
M = monthly paymentP = amount borrowedr = annual interest raten = total number of monthly payments