Mr. Jordan purchased a piece of property for $300,000 and paid a down payment of $30,000 in cash and financed the balance. The loan terms require monthly payments for 30 years at a nominal interest rate of 3.75% compounded monthly. What is his monthly mortgage payment?
$1,018.41
$1,283.19
$1,250.41
$1,351.30
$1,149.85