You put down 20% on a home with a purchase price of $300,000. The down payment is thus $60,000, leaving a balance owed of $240,000. The bank will loan you the remaining balance at 4.28% APR. You will make annual payments with a 20-year payment schedule. What is the annual annuity payment under this schedule?

Question 36 options:

a)

$18,100.23

b)

$22,625.29

c)

$12,000.00

d)

$33,785.23