HELP PLEASE!
The manager of a manufacturing company knows that they will need a new machine in one of their factories. The new machine will cost them $13,700. The manager has determined that they can afford to pay 15% of the cost of the machine in cash. They can then finance the rest through a credit union. The credit union will charge 2% per year compounded monthly. How much are their monthly payments for 4 years?
a) $274.39
b) $381.28
c) $252.64
d) $233.23
e) $297.22
f) None of the above.
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