The Rainbird Company purchased a machine for $$5,000$ down and promised to pay $$300$ per month at the end of each of the next $36$ months. How would the cash price of the machine be calculated, assuming the annual interest rate is given?

Multiple Choice

$$5,000$ plus the present value of an ordinary annuity of $$300$ for $36$ periods

$$15,800$

$$5,000$ plus the present value of $$10,800($$$300\backslash$times $36)$

$$5,000$ plus the present value of an annuity due of $$300$ for $36$ periods