Randall and Janet Jackson purchased new furniture for $2,400 and financed the entire purchase price with a three-year installment loan with an annual interest rate of 16 percent Total interest to be paid on the loan over three years $637.68. What is the amount of the monthly payment on the loan?
A. $75.56
B. $85.20
C. $95.84
D. $105.48
E. $115.12