Suppose you are buying your first home for $500,000, 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. $3,071.93

b. $3,068.73

c. $3,062.33

d. $3,059.13

e. $3,065.53