In a shipping and packing equipment acquisition proposal, Fleeing Stars Enterprise has worked out a deal on the interest rate with the vendor, Outahere Shipping. The equipment is being financed for 10 years with monthly payments.
The deal is as follows: The interest rate is 1% per month for first 30 payments. Rest of payments are at .75% per month. The equipment costs $1,000,000. Determine amount of 31st monthly payment:
A) $13,682 B) $13,014 C) $14,300 D) $12,700