Suppose you want to buy a new car. You know that cars are a bad investment but you need transport and you've never had a new car so you've found one that's very nice although it's also pretty high priced so you're probably going to have to keep it for 12 years. This car costs $32,000. The bank offers to loan the money to you at 5.50% annual interest with payments over 48 months. What will your monthly car payment be for the next four years?

$535.44

$744.21

$760.79

$1,018.90

$1,905.87