Ranjit has applied for a mortgage loan to buy a $ 479000 house. The bank will require a 20% down payment and it will give Ranjit a 25-year loan payable in monthly installments. The nominal interest rate is set at 4 % convertible semi-annually. How much will be Ranjis monthly payment? (Assume that payments are due at the end of each month)

a. $ 1927 (to the nearest dollar)

b. $ 1987 (to the nearest dollar)

c. $ 2020 (to the nearest dollar)

d. $ 2008 (to the nearest dollar)

e. $ 2016 (to the nearest dollar)