South Beach Inc. purchased a property for $2.25 million. The firm made a down payment of 10 percent of the purchase price in cash and financed the balance. The loan terms require monthly payments for 5 years at an annual percentage rate of 3.75 percent, compounded monthly. What is the amount of each mortgage payment? a. $21,312.35 b. $21,945.15 c. $22,322.35 d. $32,801.60 e. $37,065.43