Question: A stereo system can be purchased by making a down payment of $130, followed by monthly payments of $85 at the end of every month

A stereo system can be purchased by making a down payment of $130, followed by monthly payments of $85 at the end of every month for 15 months. If the interest rate is 7% compounded monthly, what is the selling price of this stereo system? a. $1,217.42 b. $1,328.40 c. $1,347.42 d. $1,458.40 e. None

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