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 30-year loan (show your calculations)

a. $ 735.45

b. $ 913.45

c. $ 635.56

d. $ 893.56