Problem
Mary Tipton is buying an auto that costs $12,000. She will pay $2000 immediately and the remaining $10,000 in four annual end-of-year principal payments of $2500 each. In addition to the $2500, she must pay 15% interest on the unpaid balance of the loan each year. Prepare a cash flow diagram.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.