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you have just bought a new flatscreen TV for $3600 and the store you bought it from offers to let you finance the entire purchase
you have just bought a new flatscreen TV for $3600 and the store you bought it from offers to let you finance the entire purchase and an annual rate of 11% compounded monthly. If you take the financing and make monthly payments of $130, how long will it take to pay off the loan? How much will you pay in interest over the life of the loan?
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