Question: Tan Company purchased a large server for $ 4 4 , 5 0 0 . The company paid 2 0 % of the value as

Tan Company purchased a large server for $44,500. The company paid 20% of the value as a down-payment and received a loan for the balance at 5.85% compounded monthly. The loan has a term of 5 years and Tan Company had to make month-end payments until the loan was settled.
a. Calculate the size of the month-end payments.
1. $857.21
2. $685.77
3. $191.44
4. $676.09
b. What was the total amount paid to settle the loan?
1. $51,432.60
2. $10,353.40
3. $41,146.03
4. $40,565.40
c. Calculate the total amount of interest paid throughout the term of the loan.
1. $5,546.03
2. $15,832.60
3.-$25,246.60
4. $4,965.40

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