Carmella purchased a refrigerator under a conditional sale contract that required 30 monthly payments of $60.26 with the first payment due on the purchase date. The interest rate on the outstanding balance was 18% compounded monthly.
a) What was the purchase price of the refrigerator?
b) How much interest did Carmella pay during the 30 months?

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The Answer of Carmella purchased a refrigerator under a conditional sale contract that required 30 monthly payments of $60.26 with the first payment due on the purchase date. The interest rate on the outstanding balance was 18% compounded monthly.
a) What was the purchase price of the refrigerator?
b) How much interest did Carmella pay during the 30 months?

Carmella Purchased a Refrigerator Under a Conditional Sale Contract That