Xavier put $50 000 down on his first condo. He borrowed the rest from his parents at
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Xavier put $50 000 down on his first condo. He borrowed the rest from his parents at an interest rate of 3.5% compounded weekly. For the first 10 years, he made weekly mortgage payments of $300 before increasing the amount he repaid them to $415 per week for seven more years.
(a) What was the purchase price of the property?
(b) How much interest did Xavier pay his parents?
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a The purchase price of the property was 50000 plus the amount borrowed from Xaviers parents To calc...View the full answer
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Related Book For 
Contemporary Business Mathematics With Canadian Applications
ISBN: 9780135285015
12th Edition
Authors: Ali R. Hassanlou, S. A. Hummelbrunner, Kelly Halliday
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