On August 1, you borrow $160,000 to buy a house. The mortgage rate is 7.5 percent. The loan is to be repaid in equal monthly payments over 15 years. The first payment is due on September 1. How much of the third payment applies to the principle balance?

A.

$483.22

B.

$486.24

C.

$489.28

D.

$492.30

E.

$495.32