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1. Assume a farmer takes out a five year loan for $50,000. The annual interest rate is 4% and the farmer will make equal annual

1.

Assume a farmer takes out a five year loan for $50,000. The annual interest rate is 4% and the farmer will make equal annual principal payments for years one through five. Approximately how much interest will be paid over the life of the loan? Round all numbers to the nearest whole dollar.

A. 6160

B. 56000

C. 56160

D.6000

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