Charlie wants to buy a car. She can afford to pay $53,850 and will make a down payment of $11,000. Current interest rates are 3.8% compounded quarterly. What amount will Charlie pay monthly over 5 years? Round your answer to 2 decimal places.

Question 1 options:

a)

$816.60

b)

$785.06

c)

$649.79

d)

$986.59