The cost to purchase the house the Bainters are considering is $195,000 but the Bainters plan to make a $40,000 down payment. The Bainters have been approved for a fixed-rate, 30-year mortgage with a...

The cost to purchase the house the Bainters are considering is $195,000 but the Bainters plan to make a $40,000 down payment. The Bainters have been approved for a fixed-rate, 30-year mortgage with a 4.2% annual interest rate for the remaining costs.

What is the correct equation to determine the monthly payments of the loan?