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A 30-year mortgage loan for $240,000 with a fixed annual interest rate of 9% has monthly payments structured in the following way. During the first

A 30-year mortgage loan for $240,000 with a fixed annual interest rate of 9% has monthly payments structured in the following way. During the first 10-year period, payments cover only the required interest amount but no principal reduction takes place (interest-only). During the second 10-year period, monthly payments are computed based on a 30-year amortization period (partial amortization). During the third 10-year period, monthly payments are computed based on the premise of full amortization. What is the monthly payment during the third 10-year period?

A.

Between $2,300 and $2,450

B.

Between $2,450 and $2,600

C.

Between $2,600 and $2,750

D.

Between $2,750 and $2,900

E.

Between $2,900 and $3,050

F.

Between $3,050 and $3,200

G.

Between $3,200 and $3,350

H.

Between $3,350 and $3,500

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