Larry purchased a new combine that cost $230,500, minus a rebate of $3,500, a trade-in of $7,500, and a down payment of $5,000. He takes out a loan for the balance at 8% APR over 4 years. Find the annual payment.

Larry purchased a new combine that cost $230,500, minus a rebate of $3,500, a trade-in of $7,500, and a down payment of $5,000. He takes out a loan for the balance at 8% APR over 4 years. Find the annual payment.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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