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Edmonton Pizza borrowed money to redesign their restaurants. Payments of $570 would be made at the beginning of each month for six years, starting in
Edmonton Pizza borrowed money to redesign their restaurants. Payments of $570 would be made at the beginning of each month for six years, starting in nine months. Interest on the loan is 4.24% compounded annually.
(a) How much must the company borrow today?
(b) What will be the amount of the total payments?
(c) How much of the amount paid will be interest?
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