Complete the First Month of the Amortization Schedule for the Following

Multiple Choice

Complete the first month of the amortization schedule for the following fixed rate mortgage: Mortgage: $78,000
Interest rate: 8.5%
Term of loan: 15 years

A) (a) \$552.50
(b) $\$ 215.60$
(c) $\$ 77,784.40$

B) (a) $\$ 552.50$
(b) $\$ 215.60$
(c) $\$ 77,447.50$

C) (a) $\$ 552.50$
(b) $\$ 243.80$
(c) $\$ 77,756.20$

D) (a) $\$ 539.39$
(b) $\$ 228.70$
(c) $\$ 77,771.30$