Ranjit has applied for a mortgage loan to buy a $ 671000 house. The bank will require a 20% down payment and it will give Ranjit a 25-year loan payable in monthly instalments. The nominal interest rate is set at 6 % convertible annually. How much will be Ranjis monthly payment? (Assume that payments are due at the end of each month)

a. $ 3449 (to the nearest dollar)

b. $ 3434 (to the nearest dollar)

c. $ 3407 (to the nearest dollar)

d. $ 3475 (to the nearest dollar)

e. $ 3577 (to the nearest dollar)