Imagine you are finally able to buy your first classic sports car. To do so$,$ you have arranged to borrow $$125,000$ from your local commercial bank. The interest rate on the loan is $8\mathrm{.}00\%.$ To simplify the calculations, assume that you will repay your loan over the next five years by making annual payments at the end of each year. According to the loan officer at the commercial bank, you must answer the following questions before you can go pick up your new car.

How much is the annual payment on your new car loan?

$$29,115\mathrm{.}57$

$$31,307\mathrm{.}06$

$$34,437\mathrm{.}77$

$$39,133\mathrm{.}83$