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Calculate the present value of the 34 payments of $1,024.00 that will be made by HQ for payments 3 to 36 inclusive. You will need to perform two steps. 1. Calculate the present value of the 34 payments as of the end of the second month following the purchase of the used truck.

Present value

$

2. Take the result from the first calculation and calculate the present value as of the date of purchase.

Present value

$

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What amount should HQ use to record the purchase of the truck?

Total purchase price

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What amount of interest should be accrued at the end of the first month following the purchase?

Amount of interest

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