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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