A school realizes that they need a new copy machine for their main office. The...
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Accounting
A school realizes that they need a new copy machine for their main office. The copy machine costs $5,500. After speaking with the financial advisor, they decide to pay 10% of the cost of the machine in cash and finance the rest through their credit union. How much is their monthly payment if the credit union will charge 4% per year compounded monthly for 2 years?
a) $234.95
b) $202.12
c) $18.58
d) $38.58
e) $214.95
f) None of the above.
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