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A property was purchased for $4395.00 down and payments of $948.00 at the end of every year for 10 years. Interest is 12% per annum
A property was purchased for $4395.00 down and payments of $948.00 at the end of every year for 10 years. Interest is 12% 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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