We present high quality BVRI CCD photometry of the variable star V716 Monocerotis (= NSV 03775). We confirm it to be an RR Lyrae star of variability type ab (i.e. a fundamental mode pulsator), and determine its metallicity ([Fe/H] = -1.33 +/- 0.25), luminosity (Mv = 0.80 +/- 0.06), and foreground reddening (E(B-V) = 0.05-0.17) from the Fourier components of its light curve. These parameters indicate a distance of 4.1 +/- 0.3 kpc, placing V716 Mon near the plane of the Galaxy well outside the solar circle. This research was conducted as part of the 1999 Research Experiences for Undergraduates (REU) and Practicas de Investigacion en Astronomia (PIA) Programs at Cerro Tololo Inter-American Observatory (CTIO).