Question: A property was purchased for $ 8 6 9 8 . 0 0 down and payments of $ 1 1 6 2 . 0 0

A property was purchased for $8698.00 down and payments of $1162.00 at the end of every month for 4 years. Interest is 9% per annum compounded annually. What was the purchase price of the property? How much is the cost of financing?

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