SaylorSoft has decided to buy a new computer and even decided which model to buy. They just haven't decided whom to buy it from. The computer costs $20,000 including taxes, delivery, installation, etc. They can't afford to pay cash, so they are considering a 5-year loan at 6% APR. In an effort to get SaylorSoft's business, one dealer offers a choice of a 5-year loan at 0% interest or $2500 cash back. Assume the dealer requires a down payment of $1000 in either case.

Assuming SaylorSoft chooses the cash-back option, uses $1000 of the cash for the down payment, and keeps the remaining amount for other uses, what would their monthly payments be if they choose the 6% loan option?