An individual buys a new computer on credit (i.

An individual buys a new computer on credit (i.e.

by borrowing the money needed) and agrees to pay

for it by making 15 equal monthly installments of

$200, with the first installment to be made 3 months

after the day of purchase. If interest is charged on

the loan at a rate of 9% p.a. compounded monthly,

what is the purchase price of the computer?