Mary Lou purchased a new combine that cost $180,000.00. She traded her old combine and received a trade-in value of $9,800.00, which she used as a down payment. She took out a loan for the balance at 7.6 percent over 4 years. She is able to pay off the balance in four equal payments plus the interest on the remaining balance.
a. What is the balance after the trade-in?
b. What is the amount of the first payment?
c. What is the amount of the final paymen
a. $170,200.00
b. $55,485.20
c. $45,783.80
Trades & Technology
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