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A company would like to purchase a machine at a cost of $325,000 with a life of 5 years. Their bank is ready to finance

A company would like to purchase a machine at a cost of $325,000 with a life of 5 years. Their bank is ready to finance 90% of the machine at a rate of 8% per year compounded weekly if they agree to a payment of $5,000 per month and the remaining as a balloon payment at the end of the machine life. What is the balloon they will have to pay?

A$69,890 B $68,638 C $53,328D$46,063

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