A tract of land is expected to net $45 per acre from now into the foreseeable future. Assume that your opportunity cost is 6% or 0.06 and that your cost of borrowed funds is 5% or 0.05. You are required to repay any borrowed funds over a 30 year period with 30 equal annual payments. Assume that you have $250,000 to invest in land. Determine: The maximal price you could pay for the land and still generate a rate of return equal to your opportunity cost. The minimal peracre down payment required if the investment is to "cash flow" in the first year. The maximal number of acres you can purchase and meet the lender's "cash-flow" requirements.

Please show all work without using excel. Thank you!