Cooley Landscaping needs to borrow $

28,000 for a new front-end dirt loader. The bank is willing to loan the money at

7.5% interest for the next

8 years with

annual,

semiannual,

quarterly, or

monthly payments. What are the different payments that Cooley Landscaping could choose for these different payment plans?

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Part 1

What is Cooley's payment for the loan at

7.5% interest for the next

8 years with

annual payments?