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Terry Brown purchased a used car and agreed to pay $1,000 per month for twoandahalf years with the first payment due at the end of
Terry Brown purchased a used car and agreed to pay $1,000 per month for
twoandahalf years with the first payment due at the end of the first month. What was the purchase price of the car assuming an annual rate of 12%? (Use spreadsheet software or a financial calculator to calculate your answer. Do not round any intermediary calculations, and round your final answer to the nearest dollar.)
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