Solve the Problem

Multiple Choice

Solve the problem. If necessary, use the table of monthly payments below. Round your answer to the nearest cent.
Monthly Payments to Repay Principal and Interest on a $1000 Mortgage
-Find the monthly payment needed to amortize principal and interest for the following fixed-rate mortgage.
Mortgage amount: $195,100
Term of mortgage: 5 years
Interest rate: 8.5%

A) $<4002.78
B) $4049.96
C) $3955.92
D) $2418.96