You are looking at purchasing a house which has a value of $800,000 and property tax of $17,000 p.a. What would be the monthly mortgage payment if you borrowed $500,000 at 2.75% p.a. for 25 years amortisation?

Use this mortgage payment factors table:

Term Rate	25 Years	20 Years	15 Years
2.50%	4.48	5.29	6.66
2.75%	4.61	5.41	6.78
3.00%	4.73	5.54	6.90
3.25%	4.86	5.66	7.02
3.50%	4.99	5.79	7.14
3.75%	5.13	5.91	7.26

a.

$2,305

b.

$1,850

c.

$2,705

d.

$4,560

e.

$4,730