Larry purchased a new combine that cost $210,500, minus a rebate of $2,500, a trade-in of $6,500, and a down payment of $8,000. He takes out a loan for the balance at 8% APR over 4 years. Find the annual payment. (Simplify your answer completely. Round your answer to the nearest cent.)
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Larry purchased a new combine that cost $210,500, minus a rebate of $2,500, a trade-in of $6,500, and a down payment of $8,000. He takes out a loan for the balance at 8% APR over 4 years. Find the annual payment. (Simplify your answer completely. Round your answer to the nearest cent.)
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