Suppose You Take Out a Home Equity Loan of $100,000 $$F = P \times \frac { i } { 1 - \left( \frac { 1 } { 1 + i } \right) ^ { N } }$$

Suppose you take out a home equity loan of $100,000 for 5 years at an annual interest rate of 5 percent, with payments to be made monthly.What will the approximate monthly payments be? The relevant formula is: $$F = P \times \frac { i } { 1 - \left( \frac { 1 } { 1 + i } \right) ^ { N } }$$ .

A) $1,320.71
B) $1,887.12
C) $1,924.79
D) $5,282.82