Suppose you are buying your first condo for $145,000, and you will make a $15,000 down payment.

Suppose you are buying your first condo for $145,000, and you will make a $15,000 down payment. You have arranged to finance the remaining $130,000 with a 30-year, monthly payment, amortized mortgage at a 6% nominal annual interest rate, with the first payment due in one month. What will your monthly payments be?

Select one:

a. $798.57

b. $865.03

c. $741.77

d. $779.42

Monthly rate = 6/12= .50%Number of months = 30*12=360Monthly payment =Amount financed /PVA.50%, 360= 130,000/166.79=779.42Correct option is "D"