Answer:
The solution and complete explanation for the above question and mentioned conditions is given below in the attached document. I hope my explanation will help you in understanding this particular question.
Step-by-step explanation:
I don’t see an attachment
Answer:
monthly payment is $377
C is the correct option.
Step-by-step explanation:
The formula for the monthly payment is given by

Given that,
P = $20,000
n = 5 years = 60 months
r = 0.05
Substituting these values in the formula

On simplifying, we get

Therefore, the monthly payment is $377
C is the correct option.