The McDonald Group purchased a piece of property for $1 million. It paid a down payment of 25% in cash and financed the balance. The loan terms require monthly payments for 15 years at an annual percentage rate of 7% compounded monthly. What is the amount of each mortgage payment? (choose the closest answer)

a. 9036.25

b. 6741.21

c. 9399.18

d. 7530.21