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Home entertainment equipment can be purchased by making monthly payments of $82 for three-and-a-half years. The first payment is due at the time of purchase

Home entertainment equipment can be purchased by making monthly payments of $82 for three-and-a-half years. The first payment is due at the time of purchase and the financing cost is 16.5% compounded monthly.

What is the purchase price?

How much will be paid in installments?

How much is the cost of financing?

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