Present value interest factors for an annuity of $1 for various interest rates (`r`) and numbers of periods (`N`) are given in the table.
A bank lends Martina $500 000 to purchase a home, with interest charged at 1.5% per annum compounding monthly. She agrees to repay the loan by making equal monthly repayments over a 30-year period.
How much should the monthly payment be in order to pay off the loan in 30 years?
Give your answer correct to the nearest cent. (2 marks)