A mortgage currently has an outstanding balance of 400,000. There are 320 level amortizing monthly payments remaining. (The most recent payment has just been made.) The mortgage has a nominal annual interest rate of 5% convertible monthly. The homeowner is starting a new job, and his pay date is moving. He asks the bank if he could move the monthly payments from the 1st of each month to the 7th. The bank agrees to this. The final mortgage payment will increase to account for this delay in his payment date going forward. By how much did his final payment increase? a. 1240 b. 1540 C. 2140 d. 1840 e. 940