The McDonald Group Purchased a Piece of Property for $1

Multiple Choice

The McDonald Group purchased a piece of property for $1.2 million. It paid a down payment of 20% in cash and financed the balance. The loan terms require monthly payments for 15 years at an annual percentage rate of 7.75% compounded monthly. What is the amount of each mortgage payment?

A) $7,440.01
B) $8,978.26
C) $9,036.25
D) $9,399.18
E) $9,413.67