Herb Diner needs a new location. They plan to spend $100,000 to refurbish an old shop to create the new facility. The firm borrows 80 percent of the refurbishment cost at 4 percent annual interest for 6 years. What is the amount of each MONTHLY payment?

a)$1414.49 b)$1251.61 c)$1112.33 d)$1316.41