You are interested in purchasing a condominium for $785,000. You offer a down payment of 5% of the purchase price. The bank has offered you a fixed mortgage rate of 3.25%. You have been approved by the bank for a 30-year mortgage. The monthly maintenance fee for the condominium is $400. How much will you pay per month in mortgage and maintenance fees? The mortgage is compounded semi-annually.

$3,237

$3,637

$3,407

None of the options listed

$3,807