Ace Manufacturing is building a new facility that will cost $44M. Ace will borrow $40M from First National Bank and pay the remainder immediately as a down payment. Ace will pay 7% interest but will make no payments for 4 years, at which time the entire amount will be due. How large will Ace’s payment be?
A. $ 46M
B. $ 50.56M
C. $ 22.22M
D. $ 52.44M
