Your Uncle Will Sell You His Bicycle Shop for $170,000,with

Multiple Choice

Your uncle will sell you his bicycle shop for $170,000,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) $2,362.52
B) $3,068.20
C) $2,792.07
D) $3,681.84
E) $3,129.57