On December 1, you borrow $210,000 to buy a house. The mortgage rate is 8.25 percent. The loan is to be repaid in equal monthly payments over 20 years. The first payment is due on January 1. Which one of the following statements is true assuming that you repay the loan as agreed?

A.The total amount paid is about $429,442.

B.The monthly payment is $2,037.30.

C.The total interest paid is $278,952.

D.The monthly interest rate is .75 percent.

E.The first payment reduces the principle balance by $1,443.75.