SOLUTION: Sylvia buys a small farm (a quarter section of 160 acres) for $225 000.00. She makes a down payment of $25 000.00 and uses a 20-year mortgage to pay the remainder. Because it is
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-> SOLUTION: Sylvia buys a small farm (a quarter section of 160 acres) for $225 000.00. She makes a down payment of $25 000.00 and uses a 20-year mortgage to pay the remainder. Because it is
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Question 1037689: Sylvia buys a small farm (a quarter section of 160 acres) for $225 000.00. She makes a down payment of $25 000.00 and uses a 20-year mortgage to pay the remainder. Because it is farmland, she opted for a yearly payment instead of monthly payments. Sylvia’s payments are $16 931.89 each year.
a. Calculate how much Sylvia will pay for the farm with yearly payments.
Hint: Include the down payment and amount paid over the course of the 20-year mortgage. Answer by solver91311(24713) (Show Source):
