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Given the following information, calculate the interest only payment on this commercial loan. 5/1 Interest Only ARM, Loan amount: $2,984,000, Interest rate: 4.5%, Term: 30

Given the following information, calculate the interest only payment on this commercial loan. 5/1 Interest Only ARM, Loan amount: $2,984,000, Interest rate: 4.5%, Term: 30 years. First year, annual and lifetime cap: 5%. Index: LIBOR. Margin: 2.5%

A. $15,119

B. $13,190

C. $11,190

D. $14,289

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