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Merve Dagdeviren financed her office furniture from a furniture dealer. The dealer s terms allowed her to defer payments ( including interest ) for three

Merve Dagdeviren financed her office furniture from a furniture dealer. The dealers terms allowed her to defer payments (including interest) for three months and to make 24 equal end of month payments thereafter. The original note was for $18,000 with interest rate at 6% compounded monthly. After 16 monthly payments, Merve found herself in a financial bind and went to a loan company for assistance. The loan company offered to pay her debts in one lump sum if she would pay the company $350 per month for the next 20 months.
(a) Determine the original monthly payment made to the furniture store. (b) Determine the lump sum payoff amount the loan company will make.
(c) What monthly rate of interest is the loan company charging on this loan?

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