Martin is considering borrowing money from the bank to purchase a car. If he chooses to finance the car purchase with a 60-month loan, his monthly car payment will be $300. If he chooses to finance the car purchase with a 36-month loan, the bank will charge him the exact same interest rate as the 60-month loan. All else equal, what is his monthly car payment on the 36-month loan?

less than $300

$300

more than $300