Please give detailed solution and formula that is used

You have borrowed $20,000 from a bank for a five-year period. You will be making monthly payments on this loan and the interest rate on the loan is 12% per annum with interest compounded monthly 1. The monthly payment on this loan is closest to A. $200.00 $244.89 C. $444.89 D. $462.35 E.None of the above 2. The principal balance repaid in the first month is closest to: A. $200.00 $244.89 C. $444.89 D. $462.35 E.None of the above 3. The effective annual interest rate on this loan is closest to: 1 .0% p.a. 12.0% .. 12.4% .. 12.7% .. None of the above E