Question 3 (Subject Area: Financial Management) Ronald has taken out a car loan of $ 280,000 to be repaid over 3 years . Interest rate is at 3,5% for the first year , 4.5% for the second year, and 5.5% for the third year Calculate Ronald's monthly payment in the first, second and third year respectively .

A. $8,205; $ 7,924; $7,421

B. $8,205; $8,289; $8,334

C. $8,205; $12,221 ; $24,034

D. $8,329; $8,329; $8,329