Question

Section 13.2 4. Gerald and Marysia bought a property by agreeing to make semi-annual payments of...

Section 13.2

4. Gerald and Marysia bought a property by agreeing to make semi-annual payments of $2500 for seven years. If the first payment is due on the date of purchase and interest is 9% compounded quarterly, what is the purchase price of the property?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A vacation property valued at $29,900 was bought for 300 payments of $235 due at the...
A vacation property valued at $29,900 was bought for 300 payments of $235 due at the end of every month. What nominal annual rate of interest compounded quarterly was​ charged? The nominal annual rate of interest is ______compounded quarterly.
4. To pay off a Php. 100,000.00 loan, it is required that 20 semi-annual payments that...
4. To pay off a Php. 100,000.00 loan, it is required that 20 semi-annual payments that increase by Php. 500.00 be made. Determine the amount of the first payment if it due six months after the loan is made and interest is 7% compounded semi-annually.
A buyer of a piece of property worth $30,000 agrees to make 19 quarterly payments of...
A buyer of a piece of property worth $30,000 agrees to make 19 quarterly payments of $1750 at the end of each quarter and a final balloon payment at the end of 5 years. Find the size of the balloon payment based on an interest rate of 6.6% interest compounded quarterly.
A property was purchased for ​$8336.00 down and payments of $1217.00 at the end of every...
A property was purchased for ​$8336.00 down and payments of $1217.00 at the end of every year for 7 years. Interest is 9 % per annum compounded semi-annually.What was the purchase price of the​ property? How much is the cost of​ financing? 1)The purchase price of the property was ? $ 2)The cost of financing is ? $
In a series of semi-annual payments of P13871 each, the first payment is due at the...
In a series of semi-annual payments of P13871 each, the first payment is due at the beginning of 5 years and the last at the end of 12 years and 6 months. If money is worth 6% compounded semi-annually, find the present value of the deferred annuity. Please show the complete solution. Thanks
A demand loan of ​$6000.00 is repaid by payments of ​$3000.00 after two ​years, ​$3000.00 after...
A demand loan of ​$6000.00 is repaid by payments of ​$3000.00 after two ​years, ​$3000.00 after four ​years, and a final payment after seven years. Interest is 6​% compounded quarterly for the first two ​years, 7​% compounded semi dash annually for the next two ​years, and 7​% compounded quarterly thereafter. What is the size of the final​ payment?
Scheduled payments of $1400 due today and $1600 due with interest at 11.5% compounded annually in...
Scheduled payments of $1400 due today and $1600 due with interest at 11.5% compounded annually in five years are to be replaced by two equal payments. The first replacement payment is due in 18 months and the second payment is due in 4 years. Determine the size of the two replacement payments if interest is 11% compounded quarterly and the focal date is 18 months from now.
14. Brooke bought a lakeside cottage for 30% down and monthly mortgage payments of $1224.51 at...
14. Brooke bought a lakeside cottage for 30% down and monthly mortgage payments of $1224.51 at the end of each month for 20 years. Interest is 4.4% compounded semi-annually. What is the purchase price of the property? A) $194 378 B) $195 881 C) $278 878 D) $279 831
A 20-year loan requires semi-annual payments of $1,333.28 including interest at 10.75% compounded semi-annually. What is...
A 20-year loan requires semi-annual payments of $1,333.28 including interest at 10.75% compounded semi-annually. What is the original amount of the loan and what will be the balance of the loan 8 ½ years later (just after the scheduled payment)? *Require formulas/written out and not spreadsheet. Thank you.
Property worth $98,000.00 can be purchased for 10% down and semi-annual mortgage payments of $3440.00 for...
Property worth $98,000.00 can be purchased for 10% down and semi-annual mortgage payments of $3440.00 for 20 years. What effective annual rate of interest is charged? The effective annual rate of interest is _____% (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT