Gallagher Properties purchased a piece of property for $437,500. It paid a down payment of 20 percent in cash and financed the balance. The loan terms require monthly payments for 20 years at an annual percentage rate of 7 percent, compounded monthly. What is the amount of each mortgage payment?

Group of answer choices

$18,591.61

$24,500.00

$2,713.55

$3,391.93

$2,753.13