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What was the cash price of the piano

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Question - Luisa borrowed to buy a piano for her business, Luisa's Music, paying $135 at the end of each month for five years. The bank charges interest on the loan at 8.8% compounded monthly.

(a) What was the cash price of the piano?

(b) How much is the cost of financing?

(c) By how much would the cash price change if the bank charged interest at 7.7% compounded monthly?

Reference no: EM132059773

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