An installment contract for the purchase of a car requires payments of $226.04 at the...
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An installment contract for the purchase of a car requires payments of $226.04 at the end of each month for 4.75 years. Interest is 5% per annum compounded monthly (a) What is the amount financed? (b) How much is the interest cost? BMW (a) The amount financed is (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The interest is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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