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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 equal end of month payments thereafter. The original note was for $ with interest rate at compounded monthly. After 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 $ per month for the next 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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