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a. What is Farmer's present equity? $_____________________. b. How much down payment on the 100 acre tract would the Land Bank require? $___________________. c. What is Farmer's credit limit? $_________________________. d. To buy the tract, how much total debt would he assume? $___________________. e. With an annual net cash income of $1,550 from the larger tract, how much cash would be available for payments? $_____________________. f. Farmer's annual payment on his debt load would be? $_____________________. g. How much could he afford to pay for the 100 acres and expect to meet annual mortgage payments? $___________________. h. If Farmer has a savings account at his Savings & Loan of $20,000 on which he is being paid 5-3/4% interest, what should he do? ____________________________________________.
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