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# 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...

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.