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Stereo Inc. sells a stereo system for $500 down and monthly payments of $80 for the next 5 years. If the interest rate is 2.75%

Stereo Inc. sells a stereo system for $500 down and monthly payments of $80 for the next 5 years. If the interest rate is 2.75% per year, find:

a) The cost of the stereo.

Answer = $

b) The total amount of interest paid.

Answer = $

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