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Fred purchased a new car. His monthly payments are $550 per month. He will be...

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Accounting

Fred purchased a new car. His monthly payments are $550 per month. He will be paying on his car for 5 years, and the loan costs 9% per year compounded monthly. What was the original cost of the car?

a) $26,493.36

b) $26,492.36

c) $26,494.36

d) $26,499.36

e) $26,495.36

f) None of the above.

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