Suppose You Are Buying Your First Home for $145,000, and You

Multiple Choice

Suppose you are buying your first home for $145,000, and you have $15,000 for your down payment.You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.5% nominal interest rate, with the first payment due in one month.What will your monthly payments be?

A) $741.57
B) $780.60
C) $821.69
D) $862.77
E) $905.91