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A property was purchased for $8081.00 down and payments of $858.00 at the end of every six months for 10 years. Interest is 3% per annum compounded monthly. 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 $8081.00 down and payments of $858.00 at the end of every six months for 10 years. Interest is 3% per annum compounded monthly. 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.)

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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A property was purchased for $8081.00 down and payments of $858.00 at the end of every six months for 10 years. Interest is 3% per annum compounded monthly. 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.)
Transcribed Image Text:A property was purchased for $8081.00 down and payments of $858.00 at the end of every six months for 10 years. Interest is 3% per annum compounded monthly. 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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