A property was purchased for $7406.00 down and payments of $1087.00 at the end of every...

 

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A property was purchased for $7406.00 down and payments of $1087.00 at the end of every year for 9 years. Interest is 3% per annum compounded semi-annually. What was the purchase price of the property? How much is the cost of financing? A property was purchased for $7406.00 down and payments of $1087.00 at the end of every year for 9 years. Interest is 3% per annum compounded semi-annually. What was the purchase price of the property? How much is the cost of financing?

Answer rating: 100% (QA)

Heres how to determine the purchase price and cost of financing for the property 1 Calculate the num... View the full answer