A Borrower Took Out a 30-Year Fixed-Rate Mortgage of $2,250,000

A borrower took out a 30-year fixed-rate mortgage of $2,250,000 at a 7.2% annual rate. After five years, he wishes to pay off the remaining balance. Interest rates have by then fallen to 7%. How much must he pay to retire the mortgage (to the nearest dollar) ?

A) $2,122,426
B) $2,225,330
C) $2,015,678
D) $2,212,041
E) $1,999,998 $2,250,000 = Pmt * PVIFA (0.072/12, 360 months) ; Pmt = $15,272.73; New Balance = $15,272.73 * PVIFA (0.072/12, 300 months) = 2,122,425.62