Question: 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,

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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