What was the purchase price of the property by grace

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Reference no: EM132010235

A property was purchased for $6926.00 down and payments of $1333.00 at the end of every month for 10 years by Grace. Interest is 4 % per annum compounded.semi-annually. What was the purchase price of the property by Grace? How much is the cost of financing?

(a) 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.)

(b) 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.)

Mrs.Grace has contributed $157.00 at the end of each year into an RRSP paying 6 % per annum compounded quarterly.

$____.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

(d) How much of the above amount is interest?

$____.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Reference no: EM132010235

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