4. The purchase of a new irrigation system requires a loan of $61,450 at a 10 percent annual interest rate. The investor plans on making annual payments of $10,000.

a. What loan length would make the investment financially feasible?

b. Suppose the loan length is limited to 8 years. What would the annual interest rate need to be adjusted to in order for the investment to be financially feasible?

c. Explain your answer to part (b).