An installment contract for the purchase of a car requires payments of $276.01 at the end of each month for 4.5 years. Interest is 7% per annum compounded monthly.

(a) What is the amount financed?

(b) How much is the interest cost?

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(a) The amount financed is $

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

(b) The interest is $

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)