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1. Stereo Inc. sells a stereo system for $500 down and monthly payments of $50 for the next 3 years. If the interest rate is

1. Stereo Inc. sells a stereo system for $500 down and monthly payments of $50 for the next 3 years. If the interest rate is 14.35% per year,

find:

a) The cost of the stereo.

b) The total amount of interest paid. Answer = $

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