A property was purchased for $5321.00 down and payments of $926.00 at the end of every six months for 4 years. Interestis 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.)

Down Payment = 5321 Interest Rate = 3%/12 = 0.25% per month Payment Schedule: Month Semi Annual…

A property was purchased for $5321.00 down and payments of $926.00 at the end of every six months for 4 years. Intorest 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 s. (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 $5321.00 down and payments of $926.00 at the end of every six months for 4 years. Intorest 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 s. (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.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 3CE

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