A Xerox DocuColor Photocopier Costing $42 000 Is Paid Off

question 51

Multiple Choice

A Xerox DocuColor photocopier costing $42 000 is paid off in 60 monthly instalments at 6.5% APR. After three years, the company wishes to sell the photocopier. What is the minimum price for which they can sell the copier so that they can cover the cost of the balance remaining on the loan?

• A)$18 448
• B)$26 813
• C)$19 645
• D)$19 842

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Definitions:

Technophobia

The fear or aversion to new technology, often stemming from a lack of understanding or fear of change.

Mesozoic

An era of geologic time from about 252 to 66 million years ago, known as the age of reptiles, including dinosaurs.

Cenozoic

The current geological era, beginning 66 million years ago and characterized by the dominance of mammals on Earth.

Precambrian

The earliest part of Earth's history, spanning the time from the formation of the Earth to the start of the Cambrian period, about 4.6 billion to 541 million years ago.