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A farmer purchased 245 acres of land for $4,500/acre. He paid 25% down and obtained a loan for the balance at 6.75% APR over a

A farmer purchased 245 acres of land for $4,500/acre. He paid 25% down and obtained a loan for the balance at 6.75% APR over a 20-year period. How much is the annual payment? (Simplify your answer completely. Round your answer to the nearest cent.)

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