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? Principal Interest TotalS 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 Interest Total Payment Balanss Remaining 1"payment 20 payment 3"payment Total 3. How much would their payments be if they were amortized under the equal total payment plan? The amortization factor for a 3-period loan at 8% interest is 388. Total Payment Interest Principal Balance Remaining 1"payment 20 payment 3"payment Total 4. Matt and Brenda were afraid that the payments the first two years would be two high for them. They arranged a balloon payment loan, with $2,000 principal due each of the first two years, and the remaining $8,000 due the last year. How much would their payments be under this plan? Principal Interest Total Payment Ralance Remaining 1' payment 20 payment 3"payment Total