Answer:
option-B
Step-by-step explanation:
we can use formula
[tex]PMI=P[\frac{i(1+i)^n}{(1+i)^n-1}][/tex]
where
PMI is monthly payment
P is amount invested
i is interest rate per period
n is total number of periods
APR=4.4%=0.044
[tex]i=\frac{0.044}{12}=0.00366[/tex]
t=89-65=24 years
Since, there are 12 months in a year
so,
[tex]n=12\times 24=288[/tex]
P=1000000
now, we can plug values
[tex]PMI=1000000[\frac{0.00366(1+0.00366)^{288}}{(1+0.00366)^{288}-1}][/tex]
now, we can solve it
and we get
[tex]PMI=5623.71097[/tex]
So,
The monthly payment is $5623.71097
Since, option-B is closer
So, option-B is answer
