$13$

Cal Lury owes $$24,000$ 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$?$ Use Appendix A and $Appendi{x}_D$ for an approximate answer, but calculate your final answer using

the formula and financial calculator methods.

Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places.