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Robert secured a lease on a machine by paying $ 1 , 9 5 0 as a down payment and then $ 5 5 0
Robert secured a lease on a machine by paying $ as a down payment and then $ at the beginning of every month for years. The lease rate was compounded monthly.
a What was the principal amount of the lease?
Round to the nearest cent
b What was the cost of the machine?
Round to the nearest cent
c What was the amount of interest paid over the term of the lease?
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