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Mr . Smith bought 3 2 5 acres of land at $ 3 , 9 6 8 per acre. He paid 2 0 percent down

Mr. Smith bought 325 acres of land at $3,968 per acre. He paid 20 percent down and obtained a loan for the remainder of the cost at 8.2 percent over 20 years. He was to pay off the principal in equal annual payments. The annual interest was to be paid semiannually. He planted 150 acres in corn that cost him $3.00 per bushel to produce. He had a good year with a yield of 160 bushels per acre. He was able to sell his corn for $5.72 per bushel. He planted 140 acres in soybeans.
a. What was the amount of the first-year payment?
b. What was the profit from the corn?
c. How much more is needed to make the annual payment after the pro Go fit from the corn is paid on the loan?
d. Is it possible to make enough on the soybeans to pay the balance on the loan? Explain.
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