The store financed the refrigerator by charging

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Reference no: EM13839425

A refrigerator sold for $500. The store financed the refrigerator by charging 0.5% monthly interest on the unpaid balance. If the refrigerator is paid for with 30 equal end-of-month payments:

a. What will be the size of the monthly payments?

b. If the first payment is not made until one year after the purchase, what will be the size of the monthly payments?

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Reference no: EM13839425

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