A property was purchased for $5591.00 down and payments of $1049.00 at the end of every month for 7 years. Interest is 7% per annum compounded semi-annually. What was the purchase price of the property? How much is the cost of financing? The purchase price of the property was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) The cost of financing is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
A property was purchased for $5591.00 down and payments of $1049.00 at the end of every month for 7 years. Interest is 7% per annum compounded semi-annually. What was the purchase price of the property? How much is the cost of financing? The purchase price of the property was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) The cost of financing is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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Transcribed Image Text:A property was purchased for $5591.00 down and payments of $1049.00 at the end of every month for 7 years. Interest is 7% per annum compounded semi-annually. What was the purchase price of
the property? How much is the cost of financing?
The purchase price of the property was $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
The cost of financing is $
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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