(12 of 31) You purchase a used recreational vehicle (RV) from a local dealer at a cost of $18,000. To pay for the RV you pay a deposit of $1,500.00. You borrow the necessary funds to complete the purchase from your bank at a nominal stated rate of 12% compounded monthly and pay the loan off in one year. What are your monthly payments?

$1,466.01

$2,663.71

$1,599.28

Cannot be determined from the information provided