A couple are seeking a loan to renovate their home and need to borrow $130,000. The interest rate charged will be 5% p.a. and require end-of-month repayments over a 4-year term. The initial fees that form part of the loan arrangement is an establishment fee of $450. What will be the approximate end-of-month loan repayment?

a. $2717.71

b. $2853.59

c. $3004.17

d. $3261.25