Bill and Seth Have Decided to Open a 30-Year Home

Bill and Seth have decided to open a 30-year home mortgage loan with an annual percentage rate of 3.80% compounded monthly. If the home costs $240,000.00 and Bill and Seth agree to pay a 10% down-payment up front, then compute Bill and Seth’s monthly mortgage payment. Give your answer as a decimal rounded to the nearest hundredth.

A) $880.13
B) $912.15
C) $942.13
D) $1006.47
E) None of the above.