Final answer:
The question on calculating Tim Dodson's annual payment for a car loan with a 14 percent annual interest rate and 22 payments lacks essential information for a precise calculation. An amortization schedule or the specific loan repayment formula is needed to determine annual payments accurately. Without this, a definitive answer cannot be provided.
Step-by-step explanation:
The student's question involves calculating the annual payment for a loan that was taken out to purchase a new car. To identify Tim Dodson's annual payment with an annual interest rate of 14 percent and a total of 22 payments, we would typically use the formula for an amortizing loan. However, the question does not provide enough information to determine if the payments are even or if there's a specific amortization formula to be used. Generally, an amortization schedule would be needed to calculate the fixed annual payment that covers both principal and interest.
Without the specific formula or method that Tim is using to repay the loan, we cannot accurately calculate the annual payment. In practice, loans like this are often paid on a monthly basis, and calculations would be based on the monthly interest rate and the number of monthly payments. However, given the information provided, an essential piece of data for accurate calculation is missing, therefore, we cannot provide a definitive answer to this question.