The vendor of a property agrees to take back a $60,000 mortgage at a rate of 8% compounded semi-annually with monthly payments of $500 for a three-year term. Calculate the market value of the mortgage if financial institutions are charging 10% compounded semi-annually on three-year-term mortgages.

Question 1 options:

	A. $41,557.55
	B. $57,098.85
	C. $60,000.00
	D. $53,936.60
	E. $59,111.11