4.On August 1, you borrow $239,000 to start a business. The mortgage rate is 7.75%. The loan is to be repaid in equal monthly payments over 20 years. The first payment is due on September 1. How much of the second payment applies to the payment towards principal payment? (Assume that each month is equal to 1/12 of a year.)

a. $1962.07

b. $1540.84

c. $421.23

d. $1543.54