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

A couple bought $8,000 worth of furniture from The Rock. Starting exactlyten 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

(b)

Calculate the size of their monthly payment

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