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Luisa borrowed to buy a piano, paying $ 1 3 1 at the end of each month for 4 years. The bank charges interest on
Luisa borrowed to buy a piano, paying $ at the end of each month for years. The bank charges interest on the loan at compounded monthly.
a What was the cash price of the piano?
b How much is the cost of financing?
a The cash price of the piano is $
Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.
b The cost of financing is $
Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.
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