Question: Frodo made a down payment of $ 7 , 8 0 0 toward the purchase of a new ring. To pay the balance of the

Frodo made a down payment of $7,800 toward the purchase of a new ring. To pay the balance of the purchase price, he has secured a loan from Gimli at the rate of 7.52%/year compounded monthly. Under the terms of his finance agreement, he is required to make payments of $460/month for 45 months. What is the cash price of the ring?

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