What Monthly Payment Is Required to Amortize a Loan of $40,000

Multiple Choice

What monthly payment is required to amortize a loan of $40,000 over 11 years if interest at the rate of 14%/year is charged on the unpaid balance and interest calculations are made at the end of each month? Round your answer to the nearest cent. ​

A) R = $632.95
B) R = $595.47
C) R = $571.94
D) R = $652.82