Hamish and Kirralee have been married for one year, and are planning to buy a house in Hobart for $700,000. They will borrow $500,000 from a bank. The interest rate on the loan is 3.60% per annum, compounding monthly. The loan is for 25 years, and they have to make monthly repayments to the bank, the first payment being exactly one month from today. What is the amount of the monthly repayment?

Select one:

a. $2,911.62

b. $2,530.01

c. $2,799.25

d. $3,542.02