Solve the Problem

question 4

Multiple Choice

Solve the problem. Use an annual percentage rate table if necessary.
-A farmer buys a new harvester for $70,000. He makes a down payment of $21,000 and finances the Balance at 7.0% APR over 60 months. Before making the 24th payment, the farmer 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) $31,423.30
• B) $44,890.43
• C) $31,798.87
• D) $32,393.58

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Definitions:

Megaspore

The larger type of spore in some plants that develops into a female gametophyte.

Pollinated

The transfer of pollen from the male parts of a flower to the female parts of the same or another flower, leading to fertilization and the production of seeds.

Petals

The often colorful parts of a flower, usually located between the sepals and the reproductive organs, involved in attracting pollinators.

Megasporocyte

A cell within the ovules of plants that undergoes meiosis to produce four megaspores, leading to the development of female gametophytes.