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$?$ Use Appendix A and Appendix 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.

Annual payments