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  3. 1. brenda and matt borrowed $40,000 from the farm

1. Brenda and Matt borrowed $40,000 from the Farm Service Agency for spring crop inputs,...

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1. Brenda and Matt borrowed $40,000 from the Farm Service Agency for spring crop inputs, at 8% annual interest rate. They took out the loan on March 1 and paid it back on December 10, 285 days later. How much did they have to repay? Principa S Interest S Total S 2. They also borrowed $12,000 from Farm Credit Services to buy some sows. They agreed to pay it back with 3 annual payments, plus 8% interest on the remaining loan balance. If the loan is amortized under the equal principal payment plan, how much did they have to pay each time? Assume the first payment is exactly one year after the loan is received, and the other two payments are exactly one year apart. Principal Total Payment alan Remaining Interest 1s payment 2nd payment 3nd payment Total

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