Question 49 (6 points) You want to purchase a piece of property for $175,000 on a 20-year mortgage with payments made at the beginning of each month. You make a $109,000 down payment on the property and the quoted interest rate is 4% per year compounded monthly. What monthly payment, rounded to the nearest dollar, must be made at the beginning of each month in order to completely pay off the mortgage? 1) Between $0 and $200 2) Between $201 and $400 3) Between $401 and $600 4) Greater than $600