Below is an excerpt from the home loan contract kyle signed with his bank. “the sum of the principal of the loan and all applicable interest will be divided into 360 monthly payments according to the amortization schedule. the buyer shall make each monthly payment by the first day of the month it is due. a payment not received by the first day of the month it is due will be considered delinquent. a payment not received by the fifteenth day of the month it is due will be subject to a late charge of $75.00. if a payment is not received by the last day of the month it is due, the buyer and transaction shall be reported to the appropriate credit agencies. in the event of delinquency, the buyer may divide any payment not received into not more than three equal installments to be included on the next consecutive monthly payments. notification of the buyer’s intent to do so must be made by written letter or phone call to the phone number and address listed below within one business week of delinquency.” due to some changes at his job and the resulting loss of income, kyle will not be able to make his monthly payment by the first of the month. he does expect to be able to make it by the 9th of the month. according to the contract, what does kyle need to do? a. other than pay the monthly payment, kyle does not need to do anything. b. notify the bank to let them know that his payment is going to be eight days late c. divide this payment into three payments to be included in future monthly payments. d. include an extra $75.00 with his payment to cover the late fee that will be assessed.