You are hoping to buy a new car. After reviewing your budget, you decide that you can afford at most $500 per month in loan payments for your car. If you have $3,000 for a down payment, and can get a loan with an annual percentage rate of 8% compounded monthly for five years, what is the most expensive car (to the nearest dollar) that you can afford? show working

a) $24,659

b) $10,138

c) $12,534

d) $27,659