Rekka Resin Moulding Inc Purchases a Building and Equipment for $2

Multiple Choice

Rekka Resin Moulding Inc purchases a building and equipment for $2 million. It puts $500,000 down and finances the rest over five years making quarterly payments starting one quarter from now. Interest is 8% per year, compounded quarterly. What is the quarterly payment?

A) $318,241
B) $375,686
C) $122,314
D) $152,779
E) $91,735