Question: Youve just bought a new flat-screen TV for $3,000 and the store you bought it from offers to let you finance the entire purchase at

You’ve just bought a new flat-screen TV for $3,000 and the store you bought it from offers to let you finance the entire purchase at an annual rate of 14 percent compounded monthly. If you take the financing and make monthly payments of $100, how long will it take to pay the loan off? How much will you pay in interest over the life of the loan?

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