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A family takes out a mortgage for $250,000 from the local bank. The loan is for 30 years of monthly payments at a 6% APR

A family takes out a mortgage for $250,000 from the local bank. The loan is for 30 years of monthly payments at a 6% APR (monthly compounding). What will the familys balance be on the mortgage after 5 years?

a. 209,214.31

b. 212,469.24

c. 232,635.89

d. 234,294.86

e. 209,214.31

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