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Sony wanted to purchase equipment for his new restaurant. He paid $3,400 down and had a contract that needed payments of $260 at the end
Sony wanted to purchase equipment for his new restaurant. He paid $3,400 down and had a contract that needed payments of $260 at the end of each month for 2 years. Interest was 4.8% compounded monthly.
a. Find the cash price of the equipment.
b. How much was the cost of financing?
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