1. Suppose you are buying your first condo for $145,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 5.4% nominal annual interest rate, with the first payment due in one month. What will your monthly payments be?

a. $713.84

b. $779.42

c. $821.69

d. $862.77

e. $905.91