The McDonald Group Purchased a Piece of Property for $1

The McDonald Group purchased a piece of property for $1.2 million.It paid a down payment of 25% in cash and financed the balance.The loan terms require monthly payments for 15 years at an annual percentage rate of 7.75% compounded monthly.What is the amount of each mortgage payment?

A) $7,440.01
B) $7,978.26
C) $8,036.25
D) $8,399.18
E) $8,471.48