You have just borrowed $10,000 to buy a new car. The borrowing rate is 6% and you will repay the loan on a monthly basis over a three-year period. Payments include both principal and interest. The monthly payment that will fully pay off (amortize) the loan is:

Select one:

a. $304.22

b. $277.78

c. $311.76

d. $3,741.10