You Desperately Need Some Money and Only Your 'Miserly' Friend

You desperately need some money and only your 'miserly' friend has any.He agrees to loan you the money you need,if you make payments of $20 a month for the next six months.In keeping with his reputation,he requires that the first payment be paid today.He also charges you 1.5 percent interest per month.How much money are you borrowing?

A) $115.65
B) $116.56
C) $113.94
D) $126.46
E) $114.96