You Want to Purchase a Beach House for $220,000 Funding

Multiple Choice

You want to purchase a beach house for $220,000 funding as much of the cost as possible with a home mortgage loan. Banks are currently offering standard thirty year mortgages at 8% (monthly compounding) . Unfortunately, you can only afford payments of $1,500 per month. How much cash will you need for a down payment in order to buy the home? (Round to the nearest dollar)

A) $11,142
B) $13,778
C) $15,575
D) $17,457