Suppose You Are Buying Your First Condo for $160,000,and You

Multiple Choice

Suppose you are buying your first condo for $160,000,and you will make a $15,000 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) $971.49
B) $962.32
C) $925.66
D) $769.86
E) $916.50