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:

City Growth

The increase in size, population, and economic activity within urban areas, often driven by factors such as industrialization, migration, and infrastructure development.

Cities

Urban areas characterized by higher population density and vast human features in comparison to areas surrounding them.

Mesopotamia

An ancient region located in the eastern Mediterranean, roughly corresponding to present-day Iraq, and is considered the cradle of civilization for its early developments in agriculture, writing, and urban life.

Modern Factory

An industrial site equipped with the latest technology and machinery for manufacturing goods and products.