You have received a job offer upon graduation from a prestigious consulting firm. Before you receive your first paycheck, you have decided to purchase a $100,000 Porsche. The Eighth National Bank of Okemos is willing to give you a 5-year loan, but they require a 10% down payment, and the interest rate will be 12% annually. How much will your monthly payments be?

Multiple Choice

• $2,224.44

• $1,912.23

• $2,098.40

• $1,715.25

• $2,002.00