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1. You wish to buy a $10,300 dining room set. The furniture store offers you a 2-year loan with an 11 percent APR. What are

1. You wish to buy a $10,300 dining room set. The furniture store offers you a 2-year loan with an 11 percent APR. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

2. How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

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