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10. Jessica buys a farm for $495 000.00. She makes a down payment of $25 000.00 and uses a 25- year mortgage to pay
10. Jessica buys a farm for $495 000.00. She makes a down payment of $25 000.00 and uses a 25- year mortgage to pay the remainder. Because it is farmland, she opted for a yearly payment instead of monthly payments. Jessica's payments are $33 556.86 each year. 12 a. /1 b. Calculate how much Jessica will pay for the farm with yearly payments. Hint: Include the down payment and amount paid over the course of the 25 year mortgage. How much will Jessica pay in interest during the 25 years? Hint: Calculate the difference between her total cost and the initial cost of the farm.
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