Find the Monthly House Payment Necessary to Amortize the Following $\$ 40,000$

Multiple Choice

Find the monthly house payment necessary to amortize the following loan.
-In order to purchase a home, a family borrows $\$ 40,000$ at $2.625 \%$ for $15 \mathrm{yr}$ . What is their monthly payment?

A) $\$ 269.08$
B) $\$ 313.09$
C) $\$ 87.50$
D) $\$ 5.83$