Even though you cant afford it, you went ahead and purchased a new car for $23,000, using $3,000 of your own money and $20,000 of the banks money. You will have to make a payment to the bank at the end of each of the next 50 months, which will include interest charged at 12% per year, compounded monthly (1% per month). The amount of the monthly payment is:

a. Cant tell from the information given.

b. $510

c. $2,408

d. $400

e. None of the above.