A farmer purchased 235 acres of land for $4,900/acre. He paid 25% down and obtained a loan for the balance at 6.75% APR over a 20-year period. How much is the annual payment? (Simplify your answer completely. Round your answer to the nearest cent.)

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A: Here is the Answer and Explanation

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A: Please find the answer in next step.

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A: See the attachment

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A: given  principal P=$6500 interest rate i=26% i=2612 =2.1666% =0.021667 time t=2 years number of…

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A: Exact simple interest is a simple interest that uses exact number of days in a year which is 365…

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A:

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A: Monthly interest rate  = 0.5 % yearly interest rate  = 005*12 =6 %Loan amount = 320,000 $monthly…

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A: Total amount paid =360*978.03 Total amount paid=352090.8

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