An installment contract for the purchase of a car requires payments of $570.60 at the end of each month for the next three years. Suppose interest is 11.8% p.a. compounded monthly.
a)What is the amount financed?
b)How much is the interest cost?
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An installment contract for the purchase of a car requires payments of $570.60 at the end of each month for the next three years. Suppose interest is 11.8% p.a. compounded monthly.
a)What is the amount financed?
b)How much is the interest cost?