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Find the cash price for an elliptical trainer

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Reference no: EM131556460

Question: INSTALLMENT PLANS Mike's Sporting Goods sells elliptical trainers under two payment plans: cash or installment. Under the installment plan, the customer pays $22/month over 3 yr with interest charged on the balance at a rate of 18%/year compounded monthly. Find the cash price for an elliptical trainer if it is equivalent to the price paid by a customer using the installment plan.

Reference no: EM131556460

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