You are considering the purchase of a new home for $250,000. Your banker has informed you that they are willing to offer you a 30-year, fixed-rate loan at 7% with monthly payments. If you borrow the entire $250,000, what is the required monthly payment?
a. $1,663.26
b. $1,828.89
c. $2,039.51
d. $2,246.37