Question: Sam purchases a new gaming PC for $ 4 , 0 0 0 . He puts $ 5 0 0 cash as a down payment

Sam purchases a new gaming PC for $4,000.He puts $500 cash as a down payment and finance the remaining $3,500 with a a 7 month installment note at an annual interest rate of 9% compounded monthly. There will be 7 equal payments.
a. Calculate the total interest which will be incurred for the 7 months financed (show how you calculated it).
b. What will the payments be for each of the 7 months? (show how you calculated it).

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