1. You will be buying 1,000 acres of farmland that costs $1,400 per acre. The bank requires you put 20% down. You will finance the land for 7 years and pay 4.25% interest.
   1. What will your monthly payments be?
   2. What will your principal balance be after your 36^th payment is made?
   3. What is the total amount of your payments over the life of the loan?
   4. How much interest will you pay over the life of the loan?

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P/Y N 1/Y PV PMT Problem # FV 3b 3c 3d P/Y N 1/Y PV PMT Problem # FV 3b 3c 3d