Question: Larry borrows 18800 dollars from Moe at an effective rate of 8.5 percent, and agrees to make 12 equal annual payments (the first a year

Larry borrows 18800 dollars from Moe at an effective rate of 8.5 percent, and agrees to make 12 equal annual payments (the first a year from now) to repay the loan. Immediately after Larry makes the seventh payment, Moe sells the loan to Curly. If Moe's total yield rate is 6.4 percent effective, how much does Curly pay for the loan? Answer = dollars

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