You have just decided to purchase a home for $220,000. You will make a $45,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment, mortgage at a 5.5% annual interest rate, with the first payment due in one month. What are your monthly payments?

Select one:

a. Less than $900

b. Between $900 and $1,000

c. Between $1,000 and $1,100

d. Between $1,100 and $1,200

e. Greater than $1,200