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Mikes Sporting Goods sells elliptical trainers under two payment plans: cash and installment. Under the installment plan, the customer pays $90/month over 5 years with
Mikes Sporting Goods sells elliptical trainers under two payment plans: cash and installment. Under the installment plan, the customer pays $90/month over 5 years with interest changed on the balance at a rate of 19%/year compounded monthly. Find the cash price for an elliptical trainer if it is equivalent to the price paid by a customer using the installment plan. Round your answers to two decimal places.
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