Allen plans to purchase a house in Lindfield this year, the selling price for the house is $3.8 million. He wants to borrow 80% of the total capital from bank and pay 30-year monthly mortgage per month end. CBA bank received his loan application and provided a valuation report based on current market condition. However, the bank valuation is conservative, stating the market value is only $3.5 million, and to lower the risk from bank side, bank only approves the loan with an LVR (Loan to Value Ratio) no more than 70%. Assume Allen will borrow from CBA bank and he needs the bank loan as much as possible, how much will be his monthly payment for such a mortgage? Given that current interest rate from CBA is 3.19% P.A., ignore other costs in house purchase. Question 11Answer a. $11,588.78 b. $13,244.33 c. $10,582.04 d. $13,130.37