Solve the Problem

question 42

Multiple Choice

Solve the problem. Use an annual percentage rate table if necessary.
-A landscaping company buys a new bulldozer for $55,000. The company makes a down payment Of $15,000 and finances the balance at 6.0% APR over 60 months. Before making the 30th payment, The company owner decides to pay the remaining balance on the loan. What is the total amount Due to pay off the balance (use the actuarial method) ?

• A) $30,326.79
• B) $22,266.76
• C) $23,040.09
• D) $21,357.92

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Definitions:

Heart Condition

Any of a variety of disorders that affect the heart's ability to function properly, including coronary artery disease, arrhythmias, and congenital heart defects.

Blood Pressure

The force exerted by circulating blood on the walls of the body's arteries, an essential indicator of cardiovascular health.

Endocrine Glands

Glands that secrete hormones directly into the bloodstream, regulating various body functions.

Ducts

Tubes, channels, or passages in the body or in a machine that convey fluid or air from one location to another.