Phil can afford $$240$ a month for five years for a car loan. If the annual interest rate is $8\mathrm{.}5$ percent $($compounded monthly$),$ how much can he afford to borrow to purchase a car?

A$.$ $$12,348\mathrm{.}03$

B$.$ $$11,697\mathrm{.}88$

C$.$ $$10,266\mathrm{.}67$

D$.$ $$11,750\mathrm{.}00$

E$.$ $$10,400\mathrm{.}00$