Find the monthly payment on a 30-year $270,000 loan if the interest rate is 7%. Find the total interest paid on the loan in part Use M = Lrk / 12(k - 1), where k = [1 + (r/12)] ^12t, M is the monthly payment, L is the loan amount, r is the intrest rate, and t is the number of years that the loan is in effect.