Richard wants to buy a new car and can afford making annual payments of $5,200. His bank has offered to lend him money at 5% for 12 years. He also has $8,000 that he can use as a down payment in addition to the loan amount. How much can Rico afford to pay for his new car?

A. $60,017 B. $56,788 C. $54,089 D. $51,133 E. $47,694