Question: A farmer takes out a $ 2 , 0 0 0 , 0 0 0 loan to make a land purchase. The lender agrees to

A farmer takes out a $2,000,000 loan to make a land purchase. The lender agrees to a 5 year "IO" loan. The interest rate is 7%, and one payment is made at the end of each year.
What are annual payments for this loan?
A farmer takes out a $2,000,000 loan to make a land

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