Suppose you are buying your first condo for $220,000, 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 6.5% nominal interest rate, with the first payment due in one month. What will your monthly payments be?

Select one:

a. $1,272.48

b. $1,023.63

c. $1,580.80

d. $1,295.74

e. $1,049.55