You have a 25-year $800,000 mortgage with a 4.5% rate of interest (compounded monthly) that you make monthly payments on. What is the balance of the loan at the end of year 22?
(a) $235,462.81
(b) $246,809.73
(c) $262,157.64
(d) $278,504.18
(e) $295,848.36
