You are interested in purchasing a condominium for $620,000. You are a first-time homebuyer and qualify for CMHC mortgage insurance that allows a 5 percent down payment. The bank has offered you a mortgage rate of 3.75 percent. You have been approved by the bank for a 25 year mortgage. What is your monthly mortgage payment (rounded to the nearest dollar)? The mortgage is compounded semi-annually.

$3,019

$3,178

$3,229

$3,332

None of the above