One of your financing options is a balloon loan on a $200,000 thirty-year mortgage with monthly payments and an interest rate of 7.5 percent per year. Which of the following statements is correct?

a. Monthly payments are$1,500, and a balloon payment is $200,000 after 30 years.

b. Monthly payments are$1,500, and a balloon payment is more than $200,000 after 30 years.

c. Monthly payments are$1,250, and a balloon payment is $200,000 only after 30 years.

d. Monthly payments are$1,250, and balloon payment is $200,000 at any time the loan is paid off.