Suppose You Are Buying Your First Condo for $180,000,and You

Multiple Choice

Suppose you are buying your first condo for $180,000,and you will make a $15,000 down payment.You have arranged to finance the remainder with a 30-year,monthly payment,amortized mortgage at a 6.5% nominal interest rate,with the first payment due in one month.What will your monthly payments be?

A) $792.61
B) $886.48
C) $1,251.49
D) $855.19
E) $1,042.91