What will your monthly mortgage payments be if you buy a $300,000 home in Hampton Roads with a 30-year mortgage loan? With no money down, one local lender offers a 4.625% interest rate 30-year mortgage and charges a 0.5 discount point ($1,500) which will bring the loan total to $301,500. The interest will be compounded monthly. What is the uniform monthly cost for this 30-year loan for $301,500? Calculate this using Excel.

A.$1,542

B.$1,550

C.$1,557

D.$18,689