Use the following to answer questions 8-10 Island News purchased a piece of property for $1.79 million. The firm paid a down payment of 20 percent in cash and financed the balance. The loan terms require monthly payments for 20 years at an APR of 4.75 percent, compounded monthly. 8. What is the amount of each mortgage payment? a. $9,253.92 b. $10,419.97 c. $8,607.11 d. $11,567.40 e. $12,301.16