Your parents have just sold you their old car for $3,000. Since you have no money you have offered to pay your parents 20 equal monthly payments of blended principal and interest to pay off the car. The first payment is due 1 month from now. The stated rate on the loan is 12%APR. How much is each payment?

Select one:

a. $166.25

b. $212.87

c. $37.53

d. $125.84

e. None of the above