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Prep number 6 Liz secured a lease on a machine by paying $1550 as a down payment and then $700 at the beginning of every month for 5 years. The lease rate was 5.50% compounded monthly.
A. What was the principal amount of the lease?
B. What was the cost of the machine?
C. What was the amount of the interest paid over the term of the lease?
Round all to the nearest cent.
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