James Marcy just signed a contract to purchase some land in the Laramie Valley. The contract requires

Question:

James Marcy just signed a contract to purchase some land in the Laramie Valley. The contract requires James to make monthly payments of $ 19,001.37 for 10 years at 9 percent interest.
A. What price did James pay for the land?
B. What would the monthly payments be if the interest rate were dropped to 8 percent?
C. What would the monthly payments be if James extended the loan to 15 years at 8 percent?