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What amount does the purchaser of the contract pay

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Question - A property is sold for $195,000, a deposit of $50,000 is paid at the date of purchase. Under the contract the outstanding balance is payable by annual instalments over a period of 10 years with interest at the rate of 14%.  At the beginning of the fifth year the vendor sells his contract at a price that enables the purchaser of the contract to earn 16.75% on his investment. What amount does the purchaser of the contract pay?

Reference no: EM133173447

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