< Question 9 of 18 > This test: 20 point(s) possible The purchase price was ...

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< Question 9 of 18 > This test: 20 point(s) possible The purchase price was £ (Round to the nearest whole number as needed.) This question: 1 point(s) possible Submit test K- Morris paid £500 a month for 15 years to pay off the mortgage on his Glasgow house. If his down payment was £4000 and the interest rate was 6 percent compounded monthly, what was the purchase price of the house? < Question 9 of 18 > This test: 20 point(s) possible The purchase price was £ (Round to the nearest whole number as needed.) This question: 1 point(s) possible Submit test K- Morris paid £500 a month for 15 years to pay off the mortgage on his Glasgow house. If his down payment was £4000 and the interest rate was 6 percent compounded monthly, what was the purchase price of the house?

Answer rating: 100% (QA)

To solve this problem we can use the present value formula for an annuity because the mortgage payme... View the full answer