You are about to buy your first home. The home has a sale price of $ 137,000. Your bank offers you two options: a) a 15-year home loan with an annual interest of 5.5% compounded monthly b) a 30-year mortgage loan with an annual interest of 5.0% compounded monthly

Determine the monthly payment for the 15-year loan (show your calculations)

to. $ 881.60

b. $ 1,119.41

c. $ 1,013.37

d. $ 1,231.40