Mr. Masher bought 358 acres of land at $4,900 per acre. He paid 28 percent down. He obtained a loan for the balance at 5.75 percent over 30 years. He was to pay off the principal in equal annual payments. The annual interest was to be paid semiannually. He planted 160 acres in corn that cost him $4.20 per bushel to produce. He had a good year and had a yield of 175 bushels per acre. He was able to sell his corn for $6.80 per bushel. He planted 150 acres in soybeans with a yield of 52 bushels per acre that cost him $110 per acre to produce. He got $13.45 per bushel for his soybeans. Did he make enough on the corn and soybeans to make the first-year payment? Explain.
What will be an ideal response?
yes $45,885.32
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Fill in the blank(s) with the appropriate word(s).
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