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Annette Bought a Vacation Property for $22 900

Question 5

Essay

Annette bought a vacation property for $22 900.00 down and quarterly mortgage payments of $1224.51 at the end of each quarter for six years. Interest is 8.4% compounded quarterly.
a) What was the purchase price of the property?
b) How much interest will Annette pay?

Correct Answer:

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a) PVn = 1224.51 blured image = 1224.51(18....

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