Today, you borrow $375,000 to buy a condo unit. The mortgage rate is 7.50% compounded semi-annually. The loan is to be repaid in equal monthly payments over 34 years. The first payment is due at the end of the first month. What portion (in dollars) of the third payment will be used to pay down the principal balance?

Question 20 options:

$203

$208

$213

$218

$224