Company Z assigns $$600,000$ of its accounts receivable as collateral on a $$550,000$ loan on September $1,2020.$ The loan is due on December $31,2020.$ The bank assesses a finance charge of $2\%$ of the receivables and interest of $5\%.$ What is the total amount of cash that Company Z pays to the bank on December $31,2020?$

Group of answer choices

$$550,000$

$$600,000$

$$610,000$

$$559,167$