You are considering to buy a house. The current value of the house is $550,000 and the 30-year mortgage rate based on your FICO score is 4.15%. You also decided to buy the house with a $50,000 down payment, What are the repayment of principal and remaining balance in a month 3 respectively?

Please show your work.

a. $701 and $499,299

b. $704 and $498,595

c. $706 and $497,889

d. $704 and $499,299