You are buying a house that costs $800,000 and you have $80,000 for a down payment. The bank will lend you $720,000 at a rate of 3.5%, compounded semi-annually, and amortized over 30 years.

How much is your monthly payment?

Multiple Choice $4,278.54 $1,825.78 $3,222.98 $2,471.65