Carmella purchased a refrigerator under a conditional sale contract that required 24 monthly payments of $63.26 with the first payment due on the purchase date. The interest rate on the outstanding balance was 14% compounded monthly. What was the purchase price of the refrigerator? How much interest did Carmella pay during the entire contract? Do not round immediately calculations and round your final answer to 2 decimal places.
Carmella purchased a refrigerator under a conditional sale contract that required 24 monthly payments of $63.26 with the first payment due on the purchase date. The interest rate on the outstanding balance was 14% compounded monthly. What was the purchase price of the refrigerator? How much interest did Carmella pay during the entire contract? Do not round immediately calculations and round your final answer to 2 decimal places.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Carmella purchased a refrigerator under a conditional sale contract that required 24 monthly payments of $63.26 with the first payment due on the purchase date. The interest rate on the outstanding balance was 14% compounded monthly. What was the purchase price of the refrigerator? How much interest did Carmella pay during the entire contract? Do not round immediately calculations and round your final answer to 2 decimal places.
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