Memorial Hospital wants to purchase a new MRI machine today. Its local bank is willing to lend

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Memorial Hospital wants to purchase a new MRI machine today. Its local bank is willing to lend it the money to buy the MRI machine at a 1 percent monthly rate. The loan payments will start at the end of the month and will be $100,000 per month for the next thirty months. What is the purchase price of the MRI machine?

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