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A property was purchased for $7406.00 down and payments of $1087.00 at the end of every year for 9 years. Interest is 3% per

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A property was purchased for $7406.00 down and payments of $1087.00 at the end of every year for 9 years. Interest is 3% per annum compounded semi-annually. What was the purchase price of the property? How much is the cost of financing?

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