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Grandin wishes to take out an installment loan to finance the purchase of a small antique dining set that costs $71,500. Her loan requires a
Grandin wishes to take out an installment loan to finance the purchase of a small antique dining set that costs $71,500. Her loan requires a 22.5% down payment and equal payments of $2,557 for 40 months. What is the amount of the finance charge on this loan?
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