Hayden has found the perfect girl and wants to buy her an engagement ring. The ring he thinks would impress her costs $8,000 so after he puts $1,000 down on it, he will have a loan for $7,000 to pay over 3 years with monthly payments. He was able to get an interest rate of 8,00 percent. What will the monthly payment be on the loan?

A. $238.25

B. $597.41

C. $219.35

D. $226.53

E. $22260