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A farmer buys a new tractor for $35,000. He makes a down payment of $10,000 and finances the balances at 10.5% APR over 48 months.

A farmer buys a new tractor for $35,000. He makes a down payment of $10,000 and finances the balances at 10.5% APR over 48 months. before making the 18th payment, the farmer decides to pay the remaining balance on the loan. How much interest will the farmer save(use the actuarial method)?

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