You have begun a new not-for-profit organization and you need to borrow $60,000 to buy a used truck to deliver food to the poor. The current loan rate is 6% APR and is compounded monthly and you want to pay the loan off in equal monthly payments over 5 years. About, what is the size of your monthly payment?

a. approximately $1,160

b. exactly $435.66

c. $300

d. less than $75

e. $580