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Peggy made a down payment of $350 toward the purchase of new furniture. To pay...

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Accounting

Peggy made a down payment of $350 toward the purchase of new furniture. To pay the balance of the purchase price, she has secured a loan from her bank at 7%/year compounded monthly. Under the terms of her finance agreement, she is required to make payments of $74.32 at the end of each month for 60 months. What was the purchase price of the furniture? (Round your answer to the nearest cent.)

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