You Just Purchased a Premier Lot in an Exclusive Neighborhood

Multiple Choice

You just purchased a premier lot in an exclusive neighborhood for your future home.The lot cost $50,000,an amount you financed with a 96-month loan.If your interest rate is 9.25 percent compounded monthly,which of the following is closest to your monthly payment?

A) $744.55
B) $853.60
C) $767.23
D) $739.02
E) $810.92