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An appliance store advertises 0 percent financing for three months for purchases made before the New Year. The fine print states that if the purchase
An appliance store advertises 0 percent financing for three months for purchases made before the New Year. The fine print states that if the purchase isn't paid off within three months of purchase, the buyer must pay interest that's accumulated (compounded monthly) at an annual interest rate of 24%. Assume you buy a fridge for $1450 and make no payments during the next three months. How much interest accumulated on your purchase during the specific time period?
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