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1. A couple bought $8,000 worth of furniture from The Rock. Starting exactly ten months from now they will make their first of 24 monthly

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1. A couple bought $8,000 worth of furniture from The Rock. Starting exactly ten months from now they will make their first of 24 monthly payments to pay off the loan. The interest rate is 9% compounded monthly the entire time including the waiting period. (a) Draw the time diagram [1 mark] (b) Calculate the size of their monthly payment. [4 marks, 2 4 marks for each step] B/EP/Y C/YNI/Y|PV|PMT FV

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