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# You borrow $6,730 to purchase furniture for your house. You agree to make monthly payments for 5 years to pay for the furniture.

You borrow $6,730 to purchase furniture for your house. You agree to make monthly payments for 5 years to pay for the furniture. If theĀ interest rate is 6 percent with monthly compounding, how much are your monthly payments? Assume the first payment is madeĀ one month after purchase.

A) $123.45

B) $124.93

C) $95.91

D) $130.11

E) $96.46