What would payments if be monthly amortization were required

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Suppose that you and your brother want to purchase 25 acres of land to start a Christmas tree farm. The owner is willing to finance 75 percent of the $100,000 purchase price at 12 percent annual interest with amortization over 8 years. What will be the annual payment on the land purchase? What would the payments be if monthly amortization were required?

Reference no: EM13850575

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