Assume we have a $2 million 10 year mortgage with annual payments beginning in exactly one year; the interest rate is 8%. Determine the annual mortgage payment under the following assumption. Verify your calculation by calculating the pay rate.

Loan is fully amortizing

$298,062.59; 14.90%

$287,786.55; 8.00%

$300,456.84; 17.56%

$254,678.45; 14.50%