Question: Stereo Inc. sells a stereo system for $500 down and monthly payments of $60 for the next 2 years. If the interest rate is 5%

Stereo Inc. sells a stereo system for $500 down and monthly payments of $60 for the next 2 years. If the interest rate is 5% per year, find:

a)The cost of the stereo.

b)The total amount of interest paid.

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