A property was purchased for $5000 down and payments of $2500 at the end of every six

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A property was purchased for $5000 down and payments of $2500 at the end of every six months for six years. Interest is 6% compounded monthly.
(a) What was the purchase price of the property?
(b) How much is the cost of financing?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Sep 21, 2024 05:20 AM

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A property was purchased for $5000 down and payments of $2500 at the end of every six

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Contemporary Business Mathematics with Canadian Applications

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