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Farmer Fred took out a loan for $200,000 to purchase a tractor. Using only the tools provided in this section of the course, demonstrate what
Farmer Fred took out a loan for $200,000 to purchase a tractor. Using only the tools provided in this section of the course, demonstrate what the annual payments would be that would allow him to repay this loan in equal annual payments across 10 years if he faces a 9% annual interest rate on this loan. Show also how much total interest he will pay over the life of the loan
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