Select the correct answer. Taylor wants to purchase a car with an auto loan. He can get a 48-month loan from his bank that is compounded monthly at an annual Interest

rate of 7.996.

Suppose Taylor needs to obtain a loan for $19,076 to purchase the car.

Use the formula for the sum of a finite geometric series to determine Taylor's approximate monthly payment.

Fple)

P =

1- (1 + i)-

OA. Taylor's approximate monthly payment for the loan will be $458.35.

ОВ. Taylor's approximate monthly payment for the loan will be $413.22.

OC. Taylor's approximate monthly payment for the loan will be $546.90.

OD. Taylor's approximate monthly payment for the loan will be $464.81.