Your Uncle Will Sell You His Bicycle Shop for $150,000,with

Multiple Choice

Your uncle will sell you his bicycle shop for $150,000,with "seller financing," at a 6.0% nominal annual rate.The terms of the loan would require you to make 12 equal end-of-month payments per year for 4 years,and then make an additional final (balloon) payment of $50,000 at the end of the last month.What would your equal monthly payments be?

A) $2,468.58
B) $2,598.50
C) $2,988.28
D) $2,338.65
E) $2,208.73