Kingston Development Corp. purchased a piece of property for $2.79 million. The firm paid a down payment of 15 percent in cash and financed the balance. The loan terms require monthly payments for 15 years at an annual percentage rate of 7.75 percent, compounded monthly. What is the amount of each mortgage payment?

A. $22,322.35
B. $23,419.97
C. $23,607.11
D. $24,878.15

A. $22,322.35

Explanation:

The monthly mortgage payment which shall be paid by the Kingston Development Corp for the property shall be determined using the the following mentioned formula:

Amount to be financed=R[(1-(1+i)^-n)/i]

In the given question:

Amount to be financed=85%*$2,790,000=$2,371,500

R=monthly payments to be made today=?

i=interest rate per month=7.75/12=0.646%

n=number of payments involved=15*12=180

$2,371,500=R[(1-(1+0.646%)^-180)/0.646%]

R=$22,325.07

So based on the above calculation, the answer shall be A. $22,322.35

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