Mrs. Salmon agrees to repay a loan by paying $500 at the end of each month for 5 years. The first payment is due at the end of the 6th month from today and the remaining payments will continue for another 59 months. If the interest rate is 4% compounded monthly for the entire period, find the amount of the loan. Please round your answer to the nearest dollar.

1. A)$29,852
2. B)$29,088
3. C)$26,791
4. D)$26,702 *