Question: Stereo Inc. sells a stereo system for $300 down and monthly payments of $40 for the next 5 years. If the interest rate is

Stereo Inc. sells a stereo system for $300 down and monthly payments

Stereo Inc. sells a stereo system for $300 down and monthly payments of $40 for the next 5 years. If the interest rate is 2.25% per month, find: a) The cost of the stereo. Answer = Hint: The answer is a dollar amount and should include a dollar sign and have exactly two decimal places. b) The total amount of interest paid. Answer = Hint: The answer is a dollar amount and should include a dollar sign and have exactly two decimal places.

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