Jan Michaels financed a new automobile by paying ($ 1,000) cash and agreeing to make 48 monthly
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Jan Michaels financed a new automobile by paying \(\$ 1,000\) cash and agreeing to make 48 monthly payments of \(\$ 350\) each, the first payment to be made one month after the purchase. The loan was said to bear interest at an annual rate of \(12 \%\). What was the cost of the automobile?
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