A man wants to purchase a secondhand car. A usedcar dealer offers him a monthly installment plan of 550 over two years with an interest
A man wants to purchase a secondhand car. A usedcar dealer offers him a monthly installment plan of 550 over two years with an interest rate of 9% compounded monthly. The man accepted the offer, but after his first month's payment, he decided to pay off his car. How much has the dealer has been paid (including the first month's payment)
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