You have decided to buy a car that costs $27,800. Since you do not have a big down payment, the lender offers you a loan with an APR of 6.11 percent compounded monthly for 5 years with the first monthly payment due today. What is the amount of your loan payment?

a. $538.87

b. $536.15

c. $466.74

d. $397.33

e. $395.31