3. If Doctor Bob (from Problem #2) sold the land at $1,480 per acre today, what was his actual rate of return? 4. Suppose that you and your brother want to purchase 25 acres of land to start a Christmas tree farm. The owner is willing to finance 75 percent of the $100,000 purchase price at 12 percent annual interest with amortization over 8 years. What will be the annual payments on the land purchase? What would the payments be if monthly amortization were required?