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Find cost of the stereo and total amount of interest paid

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Reference no: EM132497987

Question 1: Stereo Inc. sells a stereo system for $400 down and monthly payments of $70 for the next 2 years. If the interest rate is 2.25% per year, find:

a) The cost of the stereo.

b) The total amount of interest paid.

Reference no: EM132497987

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