Cassidy is planning to obtain a loan from her bank for $210,000 for a new home. The bank has approved Cassidy's loan at a fixed annual interest rate of 2.7% compounded monthly for 15 years. Use the formula to determine Cassidy's approximate monthly payment. P = Fp(t)/1 - (1+t)^-n
Answer choices:
A. Cassidy’s approximate monthly payment will be $5,717.26
B. Cassidy’s approximate monthly payment will be $1,721.15
C. Cassidy’s approximate monthly payment will be $1,474.58
D. Cassidy’s approximate monthly payment will be $1,420.11