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An installment contract for the purchase of a car requires payments of $326.84...

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Accounting

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An installment contract for the purchase of a car requires payments of $326.84 at the end of each month for 3.25 years. Interest is 11% per annum compounded monthly. (a) What is the amount financed? (b) How much is the interest cost? (a) The amount financed is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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