Chapter 19: LOAN PAYMENTS 1. Carla and Jason borrowed $49,000 from the Farm Service Agency for spring crop inputs, at 8% annual interest rate. They took out the loan on March 1 and paid it back on December 10, 285 days later. How much did they have to repay? Principal $ Interest $ Total $ 2. They also borrowed $62,000 from Farm Credit Services to buy some cows. They agreed to pay it back with 3 annual payments, plus 5% interest on the remaining loan balance. If the loan is amortized under the equal principal payment plan, how much did they have to pay each time? Assume the first payment is exactly one year after the loan is received, and the other two payments are exactly one year apart. Principal Interest Total Payment Balance Remaining 14 payment 2nd payment 3rd payment Total 3. plan? How much would their payments be if they were amortized under the equal total payment. Total Payment Interest Principal Balance Remaining 1"payment 20 payment 3-4 payment Total 4. Carla and Jason were afraid that the payments the first two years would be too high for them. They arranged a balloon payment loan, with $10,000 principal due each of the first two years, and the remaining S34,000 due the last year. How much would their payments be under this plan? Principal Interest Total Payment Balance Remaining 1 payment 2nd payment 34 payment Ilinitor Set