You have just purchased a car on credit for $3,000 with money down. The dealership has asked you to pay for the car by making 20 equal monthly payments of blended principal and interest beginning 1 month for now. The state rate on the loan is 12% APR. How much is each payment?

a. $37.52

b. $166.25

c. $212.87

d. none of the above

e. $125.84