What will be the size of the monthly payments

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Reference no: EM131004600

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?

Reference no: EM131004600

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