Kim Has Just Graduated from Law School

Multiple Choice

Kim has just graduated from law school. She had taken an education loan of $45,000, which now must be repaid in equal monthly installments over the next six years. What is the amount of the monthly loan repayment, if the loan carries a simple annual interest of 5 percent? The first payment will be made in one month. 

A) $689.76
B) $721.71
C) $702.46
D) $658.92
E) $724.72