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In order to buy a house, Sebastian Cifuentes is going to borrow $450,000 today with a 8 percent nominal annual rate of interest. He is

In order to buy a house, Sebastian Cifuentes is going to borrow $450,000 today with a 8 percent nominal annual rate of interest. He is going to make monthly payments over 25 years. Assume full amortization of the loan. If he pays an extra $500 toward principal each month, what will be the ending balance after two monthly payments?

A. $449,050

B. $448,047

C. $445,027

D. $450,012

E. $473,463

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