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accounting help Jeff blew a tire on his car while on vacation. The cost of a new tire was $300. Jeff paid using his credit
accounting help Jeff blew a tire on his car while on vacation. The cost of a new tire was $300. Jeff paid using his credit card that has a low interest rate of 3.1% compounded monthly. Jeff cannot pay for the tire all at once but knows he can pay off the credit card in one year. With interest, how much will the purchase of the tire cost Jeff if equal payments are made every month for 1 year? (Assume Jeff does not charge other items to the credit card.)
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