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A farmer is purchasing a new tractor that costs $100,000. His dealer will finance the tractor under the following terms: 25 percent down payment with the balance repaid in equal principal payments over the next five years at 7 percent APR. The farmer expects the tractor to last for ten years and have a salvage value of $20,000. How much interest will the farmer pay the first year of the loan?

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A farmer is purchasing a new tractor that costs $100,000. His dealer will finance the tractor under the following terms: 25 percent down payment with the balance repaid in equal principal payments over the next five years at 7 percent APR. The farmer expects the tractor to last for ten years and have a salvage value of $20,000. How much interest will the farmer pay the first year of the loan?






 
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