Carson purchases a stereo

Carson purchases a stereo

Carson purchases a stereo from a distributor. The stereo is worth 2000, the distrubutor asks Carson not to make a payment for the first 12 months . if Carson will have to make 12 equal payments during the second year to pay off the stereo what will be the payment ? assume the interset rate to be 1% per month and the interest is accumulated during the first year when no payment is made ?

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