Fred decides to buy a poodle print. A poodle print is bought for 60 monthly payments of $80. What is the equivalent cash price if the rate is 18% compounded monthly and the first payment is made one...

Fred decides to buy a poodle print. A poodle print is bought for 60 monthly payments of $80. What
is the equivalent cash price if the rate is 18% compounded monthly and the first payment is made one
month after the purchase? (Remember: Cash = Now) This price may seem high, but remember Betty
has to be able to eat while saving her money, and of course there are those pesky court cases brought by
PETA.