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Burns Fireplaces and More has bought a new piece of equipment. They took a loan out for 10 years at 6% interest compounded monthly. Payments

Burns Fireplaces and More has bought a new piece of equipment. They took a loan out for 10 years at 6% interest compounded monthly. Payments are $499.59 per month. What is the original cost of the equipment? (round to the nearest dollar e.g. $59,999.61 would be 60000 Payments remain at 2 decimal places )

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