Nathaniel is buying a car and needs to borrow $16,000 from a bank offering a monthly interest rate of 0.5%. If Nathaniel makes monthly payments of $325, determine how long it will take him to pay off the loan, to the nearest tenth of a year, using the formula below.
a. 6.2 years
b. 3.8 years
c. 4.9 years
d. 5.7 years