Chuck Boyl saw the following advertisement for a used Volkswagen Bug and decided to work out the numbers to be sure the ad had no errors.

Cash price $7,890 Down payment $0 Annual percentage rate 12.53% Deferred price $10,651.80 or 60 payments at $177.53 per month

Calculate the monthly payment by add-on-method. (Do not round intermediate calculations. Round your answer to the nearest cent.)

The answer is not $213.88 or $213.89