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Compound Interest and Appraised Value of Property

I borrowed 33 1/3 percent of the appraised value to purchase a comercial property. The lender charged me interest at the rate of 11% per annum. My interest for the first ayear amounted to 5,315.51. What was the appraised value of the property and how did you get it?

Solution Summary

Compound Interest and Appraised Value of Property are investigated.

$2.19