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Luisa borrowed to buy a piano, paying $159 at the end of each month for 5 years. The bank charges interest on the loan at
Luisa borrowed to buy a piano, paying $159 at the end of each month for 5 years. The bank charges interest on the loan at 8.72% 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 $0. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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