Cal Lury owes $34,000 now. A lender will carry the debt for eight more years at 9 percent interest. That is, in this particular case, the amount owed will go up by 9 percent per year for eight years. The lender then will require that Cal pay off the loan over the next 16 years at 12 percent interest.

What will his annual payment be? Calculateyour final answer using the formula andfinancial calculator methods