Four years ago, you took out a student loan of $20,000 with anannual interest rate of 8% compounded monthly. Because it is a student loan, you did not make any payments while you were in school, but interest was still accruing on the amount borrowed.

You have just graduated, soyou must now start paying back your loan by making equalmonthlypayments at the end of each month. If you plan to pay back the loan over the next 10 years, how much is your monthly payment?

A: $333.81

B: $327.94

C: $330.13

D: $331.60