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Larry purchased a new combine that cost $260,500, minus a rebate of $3,500, a trade-in of $7,500, and a down payment of $5,000. He takes
Larry purchased a new combine that cost $260,500, minus a rebate of $3,500, a trade-in of $7,500, and a down payment of $5,000. 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.)
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