PR Machine Company is considering buying a "CNC Machining Center" for its machining department. The cost of the machine is $60,000. A down payment of 1% of the cost is required by the machine tool builder to start building it. The owner has the money for the down payment, but the rest of the cost will be covered by a loan with the following details: the principal of the loan would be paid in three equal yearly payments each payment includes the principal and the interest of the unpaid balance at the time the payment is made the bank will charge an interest of 10% per year Calculate the total cost of the machine (after three years) by developing a loan repayment schedule. Comment on the result.