Assume a bank has agreed to lend Milly and Martin McDonald $150,000 to purchase an apartment. The period of the mortgage is 20 years and the current interest rate is 6.5 percent. How much will their monthly repayments be?

Select one:

a. $632.

b. $1,118.

c. $1,985.

d. $7,964.

e. None of the above.