Jimmy Just Bought a New Ford SUV for His Business

Multiple Choice

Jimmy just bought a new Ford SUV for his business.The price of the vehicle was $40,000.Jimmy made a $5,000 down payment and took out an amortized loan for the rest.The car dealership made the loan at 8% interest compounded monthly for five years.He is to pay back the principal and interest in equal monthly installments beginning one month from now.Determine the amount of Jimmy's monthly payment.

A) $634.56
B) $709.67
C) $745.87
D) $809.33