A loan of $70,000 at an annual nominal rate of 7% compounded monthly is to be paid back in one lump sum at the end of 7 years, but the interest payments are to be made at the beginning of each month. The borrower wants to accumulate that final payment of $70,000 in a sinking fund that earns 3% compounded monthly, by making level deposits into the fund at the beginning of each month. What is the total of the payments that will be made at the beginning of each month? (a) $1156 (b) $4166 (c) $3302 (d) $1787 (e) $2455