You want to lease a set of golf clubs from GoGolf. The lease contract is in the form of 36 equal monthly payments at a 9.70 percent stated annual interest rate, compounded monthly. Because the clubs cost $3,200 retail, GoGolf wants the present value of the lease payments to equal $3,200. Suppose that your first payment is due immediately. What will your monthly lease payments be?

A.

$88.89

B.

$77.23

C.

$105.63

D.

$101.98