Question 1029053
For ordinary annuity, the formula for the future value (or amount A) is 

{{{A = R(((1+r/n)^(nt)-1)/(r/n))}}}



where A = $260,000, r = 0.105, t = 42, and n = 12, and we are solving for the monthly payment R.

==> {{{260000= R(((1+0.105/12)^(12*42)-1)/(0.105/12))}}}

==> {{{260000= R(((1.00875)^504-1)/0.00875)}}}

==> R = $28.54, the monthly payment.