Find the Periodic Payment R Required to Amortize a Loan

Multiple Choice

Find the periodic payment R required to amortize a loan of P dollars over t years with interest earned at the rate of r%/year compounded m times a year. Round your answer to the nearest cent. ​
P = 3,000, r = 5, t = 3, m = 4
​

A) R = $270.77
B) R = $263.29
C) R = $213.42
D) R = $294.30