Camden is looking to take out a mortgage for $\$ 260,000$ from a bank offering an annual interest rate of $4.5 \%$, compounded monthly. Using the formula below, determine his monthly payment, to the nearest dollar, if the loan is taken over 10 years. \[ M=\frac{\operatorname{Pr}}{1-(1+r)^{-n}} \] $M=$ the monthly payment $P=$ the amount borrowed $r=$ the interest rate per month $n=$ the number of payments

Step 1 ：Given that the principal amount, P, is $260,000, the annual interest rate is 4.5%, and the loan is taken over 10 years.

Step 2 ：Since the interest is compounded monthly, we need to divide the annual interest rate by 12 to get the monthly interest rate, r. So, \(r = \frac{4.5}{100 \times 12} = 0.00375\).

Step 3 ：The number of payments, n, is given as 10 years, but since payments are made monthly, we need to multiply this by 12. So, \(n = 10 \times 12 = 120\).

Step 4 ：Substitute these values into the formula to calculate the monthly payment, M. So, \(M = \frac{260000 \times 0.00375}{1 - (1 + 0.00375)^{-120}}\).

Step 5 ：Solving the above expression, we get M = 2695.

Step 6 ：Final Answer: The monthly payment, to the nearest dollar, if the loan is taken over 10 years is \(\boxed{2695}\).