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1 . You purchase a piece of furniture worth $ 5 0 0 0 on credit through a local furniture store. You are told that

1. You purchase a piece of furniture worth $5000 on credit through a local furniture store. You are told that your monthly payment will be $146.35, including an acquisition fee of $25, at a 10% add-on interest rate over 48 months. After making 15 payments, you decide to pay off the balance. Compute the remaining balance based on the conventional amortized loan.

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