Frank borrows $\$ 6,500$ at a rate of $4.8 \%$ compounded monthly. How much does he owe at the end of 5 years? Round your answer to the nearest cent.

Step 1 ：Use the compound interest formula \( A = P(1 + \frac{r}{n})^{nt} \)

Step 2 ：Substitute the given values \( P = 6500 \), \( r = 0.048 \), \( n = 12 \), \( t = 5 \)

Step 3 ：Calculate the amount owed \( A = 6500(1 + \frac{0.048}{12})^{12 \times 5} \)

Step 4 ：Round the final answer to the nearest cent

Step 5 ：\( \boxed{8259.16} \)