Maury is quite discouraged as he just read in the news that Toronto housing ranked as

more expensive than New York and Miami! He has been saving to buy a home for years

and thought that this would be the year he could actually buy. It has been tough just

to save $5\%$ as a down payment. He knows that only putting down $5\%$ requires him to go

through Canada Mortgage and Housing Corporation $($CMHC$)$ for loan insurance of $4\%.$

Maury is unsure how to calculate the loan insurance amount based on his home offer of

$$322,000.$ Help Maury calculate the mortgage loan insurance amount needed.

Select one:

a$.$ $$15,360$

b$.$ $$12,160$

c$.$ $$12,236$

d$.$ $$16,000$