Suppose you are buying your first home for $130,000, 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. $728.68

b. $730.48

c. $725.08

d. $726.88

e. $732.28