Problem on the parcel of land

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Reference no: EM131785203

Question: A developer wants to buy a certain parcel of land. The developer feels she can afford payments of $44,000 each half-year for the next 7 years. How much can she borrow and hold to this budget at each of the following interest rates?

(a) 8.9% compounded semiannually

(b) 7.3% compounded semiannually

Reference no: EM131785203

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