A buyer has agreed to purchase a house for $77,000. He has deposited $1,200 into escrow. A lender has agreed to loan 80% of the appraised value which is $75,000 and the closing costs which will be charged to the buyer amount to 3% of the purchase price. What is the additional amount which the buyer will be required to deposit into escrow upon closing:

A: $16,050;
B: $17,250;
C: $18,110;
D: It cannot be determined from the information that is given.

Answer: C: $18,110;