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�J <br />International Business Machines Corporation <br />June 23, 1992 <br />Mr. Ken Chavious <br />Director of Finance <br />County of Orange <br />P.O. Box 8181 <br />Hillsborough, NC 27278 <br />Subject: RS /6000 Financing - July Installaltion <br />4800 Falls of the Neuse Road <br />Raleigh, North Carolina 27609 -5491 <br />Reference: Your Letter to Jim Irving of June 15, 1992 <br />Dear Ken: <br />This is an update to the referenced letter to cover IBM Credit rates <br />available through June 30, 1992, for the proposed July installation. <br />A contract supplement is attached for execution by the County. A <br />summary is as follows: <br />1) 36 month installment payment based on the Installment Payment <br />Master Agreement and its addendum numbered 1835005A. <br />2) Based on a July 1992 installation, IBM Credit will bill Orange <br />County starting August 1, having a due date by September 1, 1992. <br />3) The transaction is for: <br />Description <br />O t�ion <br />Purchase <br />Amount <br />Monthly <br />Interest <br />Payment <br />Rate <br />RS /6000 System <br />IG <br />$ 57,150.00 <br />$1,747.95 <br />6.36 <br />IBM Software <br />S' <br />50,647.00 <br />1,550.21 <br />6.41 <br />& Training <br />Other Changes <br />T' <br />42,275.00 <br />1,298.19 <br />6.63 <br />Total <br />$150,072.00 <br />$4,596.35 <br />6.45 <br />The annual total payout will be $55,156.20 <br />4) Rent is charged for exactly 36 mon'the starting the first day of <br />the month following installation. Thus, Orange County will receive <br />a free -rent period of 1 to 30 days for the installation month, in <br />addition to arrears payments. Thus, overall, the effective interest <br />rate is less than our quoted APR. <br />