A buyer bought a new house for the appraised value, paying a 20% cash down payment and financing the balance with a loan bearing an 11% per annum interest rate. If the buyer paid $7,040 in interest the first year, what was the appraised value of the property:

A: $80,000;
B: $76,000;
C: $64,000
D: None of the above.

Answer: A: $80,000;

Business

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