Suppose you are buying your first home for $110,000, and you have $15,000 for your 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 the correct answer.

a. $600.46

b. $594.16

c. $604.66

d. $598.36

e. $596.26