Craig Hammer Purchased a New Condominium for $225,000

Multiple Choice

Craig Hammer purchased a new condominium for $225,000. The bank required a $30,000 down payment. Assuming a rate of 8% on a 25-year mortgage, Craig's monthly payment is (use the table in the handbook) :

A) $1,431.30
B) $1,413.30
C) $1,505.40
D) $1,505.04
E) None of these