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Option D) $1,585.35

Step-by-step explanation:

This given problem involves annuities, which are sequence of equal periodic payments. Use the following amortization formula:

where:

PMT = value of the monthly payments

PV = Present value of the mortgage (less 10% down of $28,000) = $252,000

i = interest rate = 5.75% ÷ 12 months = 0.004791667

n = number of compounding periods = 12 months × 25 years = 300

Substitute these values into the given formula:

PMT =  $252,000(0.00629106)

PMT = $1,585.35

Therefore, the monthly payment is $1,585.35.

**Quick note: for these types of problems, make sure you don't round up your decimal places until the very last step of your solution, because if you prematurely round-up your decimal values for i, you'll end up with a much different solution. Imagine that in this given problem, your solving for 25 years' worth of payments, so those differences add up.

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