Problem
A farmer just bought a brand new truck from the local Chevrolet dealership at a price of $65,000.
i. The farmer receives income annually so he wants to know what the annual payments would be on a $65,000 loan over 6 years at 5% (payments made at the end of each year).
ii. How much interest will the farmer pay over the life of the loan if the annual payments are made on time?