1. The farm needs a new tractor this year that costs $98,000. You plan on taking out a machinery loan on April 1" and your lender has agreed to finance the tractor purchase with a 10 percent down payment and a 6.75 percent interest rate. The length of the loan is 8 years. Calculate the down payment, the original loan balance on April 1" 2017, and the full loan repayment schedule assuming equal annual payments. Loan Schedule Date Old Balance Payment Interest Principal New Balance 4/1/2017 4/1/2018 4/1/2019 4/1/2020 4/1/2021 4/1/2022 4/1/2023 4/1/2024