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Question
Your parents purchased a new couch under a conditional sale contract that required eighteen monthly payments of $99 with the first payment due on the purchase date. The interest rate on the outstanding balance was 18% compounded monthly. What was the purchase price of the couch?
▸ $1,574.86 ▸ $1,274.86 ▸ $1,501.86 ▸ $1,496.86 ▸ $1,589.86
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