Solve the Problem

question 17

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 10.5% APR over 48 months. Before making the 24th payment, the farmer decides to pay
The remaining balance on the loan. How much interest will the farmer save (use the actuarial
Method) ?

Definitions:

Forms of Life

Philosophical concept highlighting the diverse ways in which living beings organize their activities and interact with their environment.

Virtue

Moral excellence and righteousness; qualities of moral goodness or merit.

Communities

Groups of people living in the same area or having a particular characteristic in common, forming a social, cultural, or economic network.

Ruling Classes

The segment of society that holds authority and power, typically governing or making significant decisions for a country or organization.