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A washer-dryer combination can be purchased from a department store by making monthly credit card payments of $59.34 for two-and-a-half years. The first payment is
A washer-dryer combination can be purchased from a department store by making monthly credit card payments of $59.34 for two-and-a-half years. The first payment is due on the date of sale and interest is 20% compounded monthly.
(a) What is the purchase price?
(b) How much will be paid in installments?
(c) How much is the cost of financing?
(d) If an additional $10.00 per month is added to cover a service contract, what is the value of the entire contract on the date of sale?
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