****************PLease explain in detail and show your work***********

Melinda purchases a car for $20,000. She immediately makes a down payment of $2,000 and agrees to pay the remaining amount with equal monthly payments at the end of each month for 5 years. The effective annual rate of interest for her loan is 1.9%. How much does Melinda pay at the end of each month? (A) less than $300 (B) between $300 and $310 (C) between $310 and $320 (D) between $320 and $330 (E) more than $330