A consumer takes out a loan with monthly payments of €500 for a period of four years with first payment made today. Assuming an annual discount rate of 3.5%, compounded monthly, the present value of...

A consumer takes out a loan with monthly payments of €500 for a period of four years with first payment made today. Assuming an annual discount rate of 3.5%, compounded monthly, the present value of the loan is closest to:
A. €22,038.74.

B. €22,365.36. C. €22,430.59.