Question: C. 1. A farmer needs to borrow $2,000. The local PCA will make a 3-year loan fully amortized at 12% with semiannual payments. A $15

C. 1. A farmer needs to borrow $2,000. The local PCA will make a 3-year loan fully amortized at 12% with semiannual payments. A $15 dollar loan fee and stock purchase is required. There is a 3% stock requirement. I. What is the actuarial rate? ll. What is the APR? I\". What is the effective rate

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