Hi, I was wondering if you help me answer this question! I keep getting 912.44 as my answer, but I am unsure whether to calculate EMR using EMR= (1+0.08/1)^1/12 or simply by dividing I/Y by 12 meaning (0.08/12). Here is the question, and could you explain which method to use for calculating the proper IR.

What would be your required monthly payments on a five year loan for a $50,000 boat, requiring a down payment of $5,000, if payments are due at the end of each month and the interest rate is 8% compounded annually?

Answer options:

a)$912.44

b)$925.03

c)$906.44

d)$912.27