Mary purchased a house for $400,000. After providing a 20% down payment, she borrowed the balance from the local savings and loan under a 30-year 6% mortgage loan requiring equal monthly installments at the end of each month. Which time value concept would be used to determine the monthly payment?

Select one:

a.Present value of one.

b.Future value of one.

c.Future value of an ordinary annuity.

d.Present value of an ordinary annuity.