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 4-year loan, but they require a 10% down payment, and the interest rate will be 13% annually. How much will your monthly payments be?

Multiple Choice

$2,682.75

$2,414.47

$2,224.44

$2,002.00

$1,912.23