A conditional sale contract for a $1,450 transaction required a 10% down payment with the balance to be paid by 12 equal monthly payments. The first payment is due six months after the date of the purchase. The retailer charges an interest rate of 13% compounded semi-annually on the unpaid balance. What is the monthly payment?

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The Answer of A conditional sale contract for a $1,450 transaction required a 10% down payment with the balance to be paid by 12 equal monthly payments. The first payment is due six months after the date of the purchase. The retailer charges an interest rate of 13% compounded semi-annually on the unpaid balance. What is the monthly payment?

A Conditional Sale Contract for a $1,450 Transaction Required a 10