Your Cousin Will Sell You His Coffee Shop for $250,000

Multiple Choice

Your cousin will sell you his coffee shop for $250,000, with "seller financing," at a 6.0% nominal annual rate.The terms of the loan would require you to make 12 equal end-of-month payments per year for 4 years, and then make an additional final (balloon) payment of $50,000 at the end of the last month.What would your equal monthly payments be?

A) $4,029.37
B) $4,241.44
C) $4,464.67
D) $4,699.66
E) $4,947.01