Solve the problem. Round to the nearest cent.A cattle rancher needs to construct a new silo in which to store cattle feed. The silo will cost $2000. The rancher pays 15% as a down payment and finances the balance for 60 months at an APR of  What is the rancher's monthly payment? How much will the rancher pay in interest?

A. Monthly payment = $40.08; Interest paid = $404.60
B. Monthly payment = $34.06; Interest paid = $343.60
C. Monthly payment = $34.47; Interest paid = $368.22
D. Monthly payment = $32.88; Interest paid = $273.02


Answer: B

Mathematics

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