You have just signed a contract to buy a house for $250,000, taking out a fully amortizing loan for the balance, at a 5.7% annual rate for 30 years. What will your monthly payment be if they make equal monthly installments over the next 30 years (to the nearest dollar)?

Select one:

a. $12,540

b. $1,277

c. $17,583

d. $1,444

e. $1,451