You purchase a house for $270,000. After you make your down payment of $50,000, you are financing $220,000 for 30 years at an annual percentage rate of 4.2%. How much are your monthly payments?

a. Less than $800.

b. Between $800 and $950

c. Between $950 and $1,050

d. Between $1,050 and $1,150

e. Greater than $1,150