Peter paid $24,000 as a down payment towards the purchase of a house and received a mortgage from a bank for the rest. He was required to pay $1380 at the end of every month for 30 years at an interest rate of 3.6% compounded monthly to settle the mortgage.

What was the purchase price of his house?

a.

$303,533.29

b.

$279,533.29

c.

$327,533.29

d.

$496,800.00