Solve the Problem

question 212

Multiple Choice

Solve the problem. Use an annual percentage rate table if necessary.
-A farmer buys a new tractor for $35,000. He makes a down payment of $10,000 and finances the Balance at 8.5% APR over 48 months. Before making the 12th payment, the farmer decides to pay The remaining balance on the loan. How much interest will the farmer save (use the actuarial Method) ?

• A) $2739.79
• B) $2662.60
• C) $3692.04
• D) $3025.78

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Definitions:

Piezo-Resistive

Pertaining to a material or device that changes its electrical resistance in response to mechanical stress.

Pressure Values

Likely intended to be "Pressure Valves," which are mechanical devices that regulate or control the flow of a fluid by opening, closing, or partially obstructing passageways based on pressure.

Zener Diode

Specialty diode designed to reverse-bias conduct only after a specific voltage value is attained. Used in electronic voltage regulators.

Voltage Regulator

An electrical device designed to automatically maintain a constant voltage level, ensuring electrical stability.