You are interested in purchasing an investment property for $3.35 million. The bank is willing to advance you a loan worth 65 percent of the value of the property. The bank is offering you a mortgage rate of 3.15 percent for a loan amortized over 25 years. What is your monthly mortgage payment (rounded to the nearest dollar)? The mortgage is compounded semi-annually.

$8,862

$12,085

$13,696

$16,113

None of the above