6. Larry purchased a new combine that cost $220,500, minus a rebate of $5,500, a trade-in of $7,500, and a down payment of $7,000. He takes out a loan for the balance at 8% APR over 4 years. Find the annual payment. (Simplify your answer completely. Round your answer to the nearest cent.)

8. A retailer ordered merchandise totaling $123,115.23 with terms

2.5%

10

net 30. What is the effective rate of return? (Simplify your answer completely. Assume there are 365 days in a year. Round your answer to one decimal place.)