Question: Stereo Inc sells a stereo system for $500 down and monthly payments of $80 for the next 5 years. If the interest rate is 6%per

Stereo Inc sells a stereo system for $500 down and monthly payments of $80 for the next 5 years. If the interest rate is 6%per year compounded monthly find:

The cost of the stereo.

The total amount of interest paid.

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