Item purchased: Rototiller for 899.99. Tax 7%.12 month plan, interest will be charged if account...

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Accounting

Item purchased: Rototiller for 899.99. Tax 7%.12 month plan, interest will be charged if account becomes 60 days past due. Rate of interest 27.99%. What is the total amount you will pay if you do not pay the loan within the term and meet all the conditions of the loan? Assume that the loan is compounding monthly. First, you need to calculate the payment; so, what is TVM variable: the number of periods N?

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