Suppose you are buying your first house for $350,000, and you will make a $30,000 down payment. You have arranged to finance the remainder with a 20-year, monthly payment, amortized mortgage at a 5.5% nominal interest rate, with the first payment due in one month. What will your monthly payments be?

$2,201.24

$1,969.24

$2,302.13

$2,100.68

$2,234.02