Charles and Cynthia are purchasing a house. They obtained a 30-year, $535,000 mortgage at an annual interest rate of 3.6% compounded monthly.
Calculate their monthly payment on the loan. Round your answer to the nearest cent.
M = P(r/13)(1+r/13)¹²ᵗ/(1+r/13)¹²ᵗ-1
Their monthly payment will be $____