Stereo Inc. sells a stereo system for $500 down and monthly payments of $60 for the next 4 years. If the interest rate is 1.75% per month, find:

Question

Stereo Inc. sells a stereo system for $500 down and monthly payments of $60 for the next 4 years. If the interest rate is 1.75% per month, find: 
a) The cost of the stereo.

b) The total amount of interest paid.

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