A farmer purchased 275 acres of land for $4100/acre. He paid 25% down and obtained a loan for the balance at 6.25% APR over a 20-year period. How much is the Semi-Annual payment?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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A farmer purchased 275 acres of land for $4100/acre. He paid 25% down and obtained a loan for the balance at 6.25% APR over a 20-year period. How much is the Semi-Annual payment?
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