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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) ?
Observational Learning
The process of learning behaviors by watching and imitating others.
Positive Reinforcement
A process in behavior analysis that involves the addition of a stimulus following a behavior that makes the behavior more likely to occur again in the future.
Autonomic Arousal
The activation of the autonomic nervous system, which can increase heart rate, blood pressure, and respiration rate, often as a response to stress or excitement.
Schachter and Singer
Psychologists who developed the two-factor theory of emotion, suggesting that emotion is based on physiological arousal and cognitive label.
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