A new oven will save $120 per year in electricity expense. How much can we afford to pay for this oven if it is expected to last 14 years? The interest rate is 16% per year. Click the icon to view the...

Extracted text: A new oven will save $120 per year in electricity expense. How much can we afford to pay for this oven if it is expected to last 14 years? The interest rate is 16% per year. Click the icon to view the interest and annuity table for discrete compounding when i= 16% per year The affordable amount of payment is S (Round to the nearest dollar.)