A company that purchases a piece of equipment by borrowing $500,000 for 10 years at annual rate of 6%, compounded monthly, has monthly payments of $5,551.03. During the first year, how much interest does the company pay? Round your answer to the nearest cent.
?
A. $28,976.19
B. $104,248.41
C. $45,629.27
D. $56,731.32
E. $78,935.42
Answer: A
Mathematics
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