Question: Could you please answer this multiple choice while giving a brief explanation? express.Ims.monash.edu/mod/quiz/attempt.php?attempt=2097&cmid=113&page=18 A young couple buys their dream house. After paying their down payment

Could you please answer this multiple choice while giving a brief explanation?

express.Ims.monash.edu/mod/quiz/attempt.php?attempt=2097&cmid=113&page=18 A young couple buys their dream house. After paying their down payment and closing costs, the couple borrows $426206 from the bank. The terms of the mortgage are 30 years of monthly payments at an APR of 7% with monthly compounding. Suppose the couple wants to pay off their mortgage early and will make extra payments to accomplish this goal. Specifically, the couple will pay an extra $2000 every 12 months. (This extra amount is in addition to the regular scheduled mortgage payment.) The first extra $2000 will be paid at the same time as the final monthly payment of the first year of the mortgage. What will be the balance of the loan after the first year of the mortgage? Select one: Oa. $419876.56 Ob. $421876.56 Oc. $419694.01 Od. $421694.01

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