Sherry has found a car priced at $65,000 that she would like to purchase today. She can pay a $10,000 deposit but would need to borrow the balance. The car dealership has offered her a 60 month loan with an APR of 4% (compounding monthly) and monthly payments. What is the amount of each of the monthly loan repayments? [Round to the nearest dollar]

Select one:

a. $5,228

b. $1,013

c. $1,197

d. $1,257