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:

General Social Survey

A sociological survey conducted regularly to collect data on demographic characteristics and attitudes of the American public.

Church Attendance

The act of going to church services, which can be an indicator of religious participation, community involvement, or personal belief.

Religiosity

Religiosity refers to how important religion is to people.

Church Attendance

The measure of how frequently individuals participate in church services or activities, often used as an indicator of religious fervor or community involvement.