The new machines cost was $267,000, but the dealer offered a $152,000 trade-in value for the older machine. Twynstra would be forced to finance the rest of the purchase through a bank or through the Farm Credit Corporation. He had been offered a 5.9 per cent financing rate over a four-year term. The expected payments were $16,347 with two payments per year. At the end of the four years, Twynstra would own the machine. Steve was offered financing to purchase the new combine. After trading in his current combine, he could finance the remaining principal (purchase price less trade-in value) at 5.9% for 4 years with two payments per year. Calculate the total interest Steve would pay on the loan for the new combine based on the above loan terms. What would the loan payments be if the financing terms were 5.25% interest over 7 years with two payments per year? (5 marks) The new machines cost was $267,000, but the dealer offered a $152,000 trade-in value for the older machine. Twynstra would be forced to finance the rest of the purchase through a bank or through the Farm Credit Corporation. He had been offered a 5.9 per cent financing rate over a four-year term. The expected payments were $16,347 with two payments per year. At the end of the four years, Twynstra would own the machine. Steve was offered financing to purchase the new combine. After trading in his current combine, he could finance the remaining principal (purchase price less trade-in value) at 5.9% for 4 years with two payments per year. Calculate the total interest Steve would pay on the loan for the new combine based on the above loan terms. What would the loan payments be if the financing terms were 5.25% interest over 7 years with two payments per year