Question: ANSWER ALL ACCORDINGLY USING FORMULAS PLEASE AND THANK YOU!! a You plan to purchase a used tractor from your local farm equipment dealer. The purchase

ANSWER ALL ACCORDINGLY USING FORMULAS PLEASE AND THANK YOU!!

a You plan to purchase a used tractor from your local farm equipment dealer. The purchase price of the tractor is $28,000. You make a cash down payment of $4,000 and plan to finance the remaining balance. The equipment dealer will finance the purchase with a 9% 2-year loan with annual payments. Your bank will finance the purchase with an 8% 3-year loan with annual payments. Use the equal total payment equations to determine annual interest. Determine the total interest paid for each loan given the equal total payment method. Which loan is the better deal? Total interest: Dealer loan Bank loan =

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