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Q3. Suppose you want to borrow $40,000 for a new car. You can borrow at 8% per year, compounded monthly. If you take a 5-year loan, what is your monthly payment? A) $778 B) $697 C) $796 D) 5684 Q3. Suppose you want to borrow $40,000 for a new car. You can borrow at 8% per year, compounded monthly. If you take a 5-year loan, what is your monthly payment? A) $778 B) $697 C) $796 D) 5684