Robert recently borrowed $20,000 to purchase a new car. The car loan is fully amortized over 4 years. In other words, the loan has a fixed monthly payment, and the loan balance will be zero after the final monthly payment is made. The loan has a nominal interest rate of 12 percent with monthly compounding. Looking ahead, Robert thinks there is a chance that he will want to pay off the loan early, after 3 years (36 months). What will be the remaining balance on the loan after he makes the 36th payment? (Please show with the Time Line and formulas)

a. $7,915.56

b. $5,927.59

c. $4,746.44

d. $4,003.85

e. $5,541.01