You want to purchase a home for $747.555 in South Calgary. Your mortgage officer at BMO has informed you that the rate on mortgages is 2.50% compounded quarterly. You are a prudent saver and currently have $124,399 in your savings accounts. After legal and closing fees, you have $113,399 available for a down payment. The rest you must borrow from the bank. You believe that a thirty-five yea amortization period will make the payments manageable. What are the monthly payments to meet the terms of the mortgage? (Hint - don't lose decimals on the interest rate). - I $2,838.71 $2,670.39 $2.265.31 $4,282.83