A car company is offering a choice of deals. You can receive $1,950 cash back on the purchase, or a 5 percent APR, five-year loan. The price of the car is $20,950 and you could obtain a five-year loan from your credit union, at 8 percent APR.
What is the payment per month for the first option? (Round your answer to 2 decimal places. Omit the "$" sign in your response.)
Payment per month $___________