Question: You will be buying 1 , 0 0 0 acres of farmland that costs $ 1 , 4 0 0 per acre. The bank requires

You will be buying 1,000 acres of farmland that costs $1,400 per acre. The bank requires you put 20% down. You will finance the land for 7 years and pay 4.25% interest.
a. What will your monthly payments be?
b. What will your principal balance be after your 36th payment is made?
c. What is the total amount of your payments over the life of the loan?
d. How much interest will you pay over the life of the loan?
You will be buying 1,000 acres of farmland that costs $1,400

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