Solved: Installment plans mikes sporting goods sells elliptical, Mathematics

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Installment plans mikes sporting goods sells elliptical

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.

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Mathematics: Installment plans mikes sporting goods sells elliptical

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