Question: Pirates, Inc. would like to purchase a machine at a cost of $ 3 5 0 , 0 0 0 . The bank is willing

Pirates, Inc. would like to purchase a machine at a cost of $

350, 000 .

The bank is willing to lend

80 %

of the purchase price at a rate of

7 %

.

.

.

.

The machine has a life of

10

years.

If Pirates agrees to pay $

2, 000

at the end of each month for the life of the machine and a balloon payment at the end of the period, what will be the amount of the balloon payment? Group of answer choices $

192, 957

254, 448

94, 950

216, 536

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