Question: Please answer each question and explain your solution. Bless. John purchased a new cattle liner. The purchase price was $275000 less an 18% down payment.

Please answer each question and explain your solution. Bless.

John purchased a new cattle liner. The purchase price was $275000 less an 18% down payment. John was able to finance the rest of the purchase price with a 15-year loan at 8.5%p.a. compounded semi-annually, monthly payments.

a) Calculate the down payment

b) Calculate the amount financed

c) Determine the monthly payments

d) Calculate the amount of interest or finance charges

e) Calculate the monthly payment, if John had decided to repay the loan in 10 years

f) Calculate how much money John would save if he chooses the 10-year option over the 15 year option

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