You have decided to buy a car that costs $31,400. Since you do not have a big down payment, the lender offers you a loan with an APR of 6.

You have decided to buy a car that costs $31,400. Since you do not have a big down payment, the lender offers you a loan with an APR of 6.29 percent compounded monthly for 5 years with the first monthly payment due today. What is the amount of your loan payment?

A) $446.70

B) $611.29

C) $568.31

D) $507.51

E) $444.38