Question: Stereo Inc. sells a stereo system for $ 1 0 0 down and monthly payments of $ 5 0 for the next 3 years. If

Stereo Inc. sells a stereo system for $100 down and monthly payments of $50 for the next 3 years. If the interest rate is 12% per year compounded monthly, find:
a) The cost of the stereo.
Answer =
b) The total amount of interest paid.
Answer = $
Stereo Inc. sells a stereo system for $100 down and monthly

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