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
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