An organization bought services from Panda and Co$.$ for an optimization project. Immediate payment would have been $700,000$ but they decided to take a $12-$month installment plan at $8\%$ interest compounded monthly. If payments are made at the end of each month, what is the monthly payment?

P$55,199\mathrm{.}12$

P$55,770\mathrm{.}11$

$60,904\mathrm{.}85$

P$48,081\mathrm{.}37$