The Wards purchased 310 acres of good farmland at $4,200 per acre. They paid 33 percent down and obtained a loan for the balance at the rate of 71/ /3 percent over a 12-year period. They are to repay the principal in equal annual payments and the interest in semiannual payments on the annual balance of the principal.

a. How much was the down payment?
b. What was the amount of the loan?
c. What is the semiannual interest payment the first year?
d. What is the principal at the end of the third year?


a. $429,660
b. $872,340
c. $31,985.80
d. $654,255

Trades & Technology

You might also like to view...

The three different phases or states of matter include ________.

A) Ice, liquid, and gas B) Liquid, water, and steam C) Solid, liquid, and gas D) Solid, water, and steam

Trades & Technology

Using Fig. 3.112, design a problem, to solve for V?, to help other students better understand nodal analysis. Try your best to come up with values to make the calculations easier.

Trades & Technology

Which type of space heater would be ideal for the spot removal of ice or snow on your doorsteps or patio deck?

A) electric infrared space heaters B) convection baseboard electric space heaters C) gas-infrared space heaters D) forced-air electric space heaters

Trades & Technology

Which of the following types of exterior doors has the lowest insulating value?

A) Insulated Core with Steel Skin B) Solid Wood C) Honeycomb Steel Insulated D) Insulated Core with Fiberglass Skin

Trades & Technology