Youre looking at a piece of land and your parents said they would cosign the note. It
Fantastic news! We've Found the answer you've been seeking!
Question:
You’re looking at a piece of land and your parents said they would cosign the note. It is 90 acres all tillable and the asking price is $10,000 per acre. The loan is for 25 years, and the interest rate is 7%.
a. What is your payment per year?
b. If you get 195 bu. per acre and corn is $5.00/bu., how many bushels will take to make your yearly payment?
Related Book For
Data Analysis and Decision Making
ISBN: 978-0538476126
4th edition
Authors: Christian Albright, Wayne Winston, Christopher Zappe
Posted Date: