A mortgage effective 1/1/2016 is being amortized by equal monthly installments of X over five years including interest at a nominal annual rate of 12% compounded monthly. The first installment was due 2/1/2016 and the last installment was to be due 1/1/2021. Immediately after the 24th installment was made on 1/1/2018, a new level monthly installment Y is determined (using the same rate of interest) to shorten the total amortization period to 3.5 years so that the final installment will fall due on 7/1/2019. In which of the following ranges is the ratio Y/X? A. <1.25
B. ≥1.25 but <1.50
C. ≥1.50 but < 1.75
D. ≥1.75 but <2.00
E. ≥22.00