Assume a farmer takes out a five-year loan for $150,000. The annual interest rate is...
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Accounting
Assume a farmer takes out a five-year loan for $150,000. The annual interest rate is 8% and the farmer will make equal total annual payments for years one through five with a 35% balloon payment at the end of year five. What will the farmer's equal total annual payments be? Round all numbers to the nearest whole dollar. $14,450 $24,420 $35,620 $41,320
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