Present Value of Annuity and Amorization
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An auto stereo dealer sells a stereo system for $600.00 down and monthly payments of $30.00 for the next 3 years. If the interest rate is 1.25% per month on the unpaid balance, find:
A.) The cost of the stereo system;
B.) The total amount of interest paid.
Please show formula used. And the list of steps used to find the solution. Thanks.
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Solution Summary
Given the monthly payments and the down payment, the solution calculates the cost of the stereo system and the total amount of interest paid.
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An auto stereo dealer sells a stereo system for $600.00 down and monthly payments of $30.00 for the next 3 years. If the interest rate is 1.25% per month on the unpaid balance, find
a.) the cost of the stereo system;
b.) the total amount of interest ...
Purchase this Solution
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