Justin Mackey purchased a new TV set for a cash price of $862. He financed it with a 36-month installment loan at 11.5% add-on interest.
A)What are the monthly payments on the loan? (Round to the nearest cent)
B)What is the amount of the finance charge rebate if the loan is paid after the 10th payment? (Round to the nearest cent)
Correct Answer:
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