Question $3,$ P$5-6($similar to$)$

HW Score: $27\mathrm{.}5\%,2\mathrm{.}75$ of $10$

points

Part $1$ of $4$

$($x$)$ Points: $0$ of $2$

Present value with periodic rates. Cooley Landscaping needs to borrow $$30,000$ for a new front$-$end dirt loader. The bank is willing to loan the money at $8\mathrm{.}5\%$ 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?

What is Cooley's payment for the loan at $8\mathrm{.}5\%$ interest for the next $8$ years with annual payments?

$ $($Round to the nearest cent.$)$