Question $29$

$3\mathrm{.}33pts$

A property is available for sale that could be financed with a fully amortizing $$250,000$ loan at $8\%$ with a monthly payment over $30$ years. The builder is offering buyers a mortgage that reduces the payment by $20\%$ for first and second year. After the second year, regular payment would be made for the remainder of the loan term.

What is the first$-$year monthly payment for buyer?

$1723\mathrm{.}56$

$1657\mathrm{.}32$

$1834\mathrm{.}41$

$1467\mathrm{.}53$