Jennifer's pension plan is an annuity with a guaranteed return of 6% per year (compounded monthly). She can afford to put $300 per month into the fund, and she will work for 35 years before retiring. If her pension is then paid out monthly based on a 25-year payout, how much will she receive per month? (Round your answer to the nearest cent.)

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.