Janet Foster bought a computer and printer at Computerland. The printer had a $600 list price with a $100 trade discount and 2/10, n/30 terms. The computer had a $1,600 list price with a 25% trade discount but no cash discount. On the computer, Computerland offered Janet the choice of (1) paying $50 per month for 17 months with the 18th payment paying the remainder of the balance or (2) paying 8% interest for 18 months in equal payments.
Assume Janet could borrow the money for the printer at 8% to take advantage of the cash discount. How much would Janet save (assume 360 days)?
On the computer, what is the difference in the final payment between choices 1 and 2?
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