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Vic bought a new plasma TV for $2000. He made a down payment of $400 and then financed the balance through the store. Unfortunately, he

Vic bought a new plasma TV for $2000. He made a down payment of $400 and then financed the balance through the store. Unfortunately, he was unable to make the first monthly payment and now pays 7% interest per month on the balance (while he watches his TV)

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