35) Island News purchased a piece of property for $1.36 million. The firm paid a down payment of 12 percent in cash and financed the balance. The loan terms require monthly payments for 10 years at an annual percentage rate of 4.75 percent, compounded monthly. What is the amount of each mortgage payment?

A) $12,301.16

B) $13,607.11

C) $12,548.18

D) $13,419.97

E) $14,878.15