If HAAS Machine Tool Company offers you an SL-20 Machine for $60,000 at an annual interest rate of 4% for 7 years, what is the cost per minute for the machine (C_M)? (The company operates 5 days per week, 8 hours per day, 50 weeks per year).

$0.0244

$0.0644

$0.0833

$0.0944

$0.1096

2.If you are negotiating a price (P) with HAAS Machine Tool Company to purchase a VF machining center and you are offered an annual interest rate of 8% for 7 years, what is the purchase price (P) you must negotiate to keep your annual machine payment for your company at $9,604?

$50,000

$55,000

$60,000

$65,000

$70,000