George purchased a new car with the special 2.9% financing. If the car's price was $19,999 and he financed it for five years, find his monthly payment.

A. $357.46

B. $358.47

C. $199.99

D. $343.25

Monthly payments amount (P) is given by the following expression:

P = C*{ (i/12) / [1 - (1+i/12) ^-12t}

C = Cost of the car = $19,999; i = financing rate = 2.9% = 0.029; t = time of payment in years = 5 years

Therefore,

P = 19999*{ (0.029/12) / [1 - (1+0.029/12) ^-12*5} = $358.47

B. is the correct answer.